Cosalt PLC Financial Update (5070U)
31 12월 2012 - 4:00PM
UK Regulatory
TIDMCSLT
RNS Number : 5070U
Cosalt PLC
31 December 2012
COSALT PLC
("Cosalt" or "the Group")
Update on Financial Position and Banking Facilities
Cosalt plc (the "Company") provides the following update on its
financial position.
As at today's date the Cosalt Group has net indebtedness in bank
loans and working capital facilities of approximately GBP17m. As
reported previously, these facilities, all of which are due to
expire on 31 December 2012, are provided by two banks, David Ross
(a director of the Company), Oval (2245) Limited (a company
controlled by David Ross) and one unrelated lender. Cosalt has been
and remains in discussions with its lenders and also the trustees
of the Group's main defined benefit pension scheme with regard to a
solution to the Group's financial difficulties, and expects those
discussions to continue in the New Year.
The Group's main defined benefit pension scheme was reported as
having a deficit of approximately GBP9m when last reported in the
financial results for the year ended 31 December, 2010. The
directors believe this figure will have increased materially since
then although no formal up to date valuation is available to them.
The pension contribution holiday agreed previously with the Group's
pension trustees has expired and the Group was due to recommence
payments in October 2012. However, the Company has been unable to
agree a recovery plan with the pension trustees and payments have
not recommenced.
The Group has continued to incur operating losses during 2011
and 2012 and its operating businesses are only able to continue
normal operations with the support of working capital facilities
provided by David Ross and Oval (2245) Limited. However, at the
time of the offer made by Oval (2245) Limited on 25 November, 2011,
the Independent Directors (as defined in the offer document
relating to that offer) explained the uncertainty facing the Group
owing to its trading prospects and funding position, that key
shareholders had been consulted but were not prepared to inject
further equity and that other courses of action, such as the sale
of some of the Company's remaining assets or businesses, did not
present a viable alternative to the offer as they would be unlikely
to produce any value for shareholders due to the level of the
Group's net indebtedness. This remains the Company's belief.
Further announcements will be made as appropriate.
Enquiries:
Cosalt plc Tel: +44 (0) 1472 725560
Trevor Sands, Chief Executive
Officer
Cardew Group Tel: 07900 927650
Tim Robertson / Tom Horsman
This information is provided by RNS
The company news service from the London Stock Exchange
END
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