Cosalt PLC Proposed Administration (0007Y)
15 2월 2013 - 8:39PM
UK Regulatory
TIDMCSLT
RNS Number : 0007Y
Cosalt PLC
15 February 2013
Cosalt plc
Proposed administration, Sale of Operating Companies and
cancellation of listing
Cosalt plc ("Cosalt" or "Company") announces that further to the
announcement on 7 February 2013 regarding funding and potential
disposals, the directors of the Company ("Directors") have been
unable to identify any alternative source of funding or to reach
any alternative agreement with the Company's existing lenders and
the trustees of the Cosalt Group's main defined benefit pension
scheme ("Pension Trustees"). Accordingly, the Directors have today
requested the Royal Bank of Scotland plc and HSBC Bank plc
(together the "Banks") to appoint administrators to the Company
pursuant to the terms of the security held by the Banks over the
Company's assets.
The Directors expect that the administrators will be appointed
to the Company imminently and that, following their appointment,
the administrators will seek to sell the Company's assets,
including the shares in Cosalt Offshore and Cosalt Workwear, in
order to minimise potential losses to the Company's creditors. An
agreement for the sale of the shares in Cosalt Offshore has been
negotiated with Dunwilco (1793) Ltd a company backed by NBGI
Private Equity, the majority shareholder of ATR Group. The
Directors understand that the administrators will sell Cosalt
Offshore to Dunwilco (1793) Ltd on the basis of the terms
negotiated immediately following their appointment, with the
business continuing to trade as normal, and all employee, customer
and supplier contracts and obligations remaining in force. The
Cosalt Workwear business will be unaffected and will not be placed
into any insolvency process. Instead, the administrators of Cosalt
plc will look to sell the shares it holds in Cosalt Workwear to a
third party. As a result no employees, customers or suppliers are
expected to be materially affected and all of the group's trading
subsidiaries should continue to trade as usual.
The Directors do not expect that the disposal of the Company's
assets by the administrators will result in shareholders receiving
any value for their shareholding.
The Company's shares have been suspended since 1 May 2012. It is
expected that, once appointed, the administrators, on behalf of the
Company, will request the UK Listing Authority to cancel the
Company's ordinary shares of 1p each from admission to the Official
List of the UK Listing Authority.
ENDS
Enquiries:
Cosalt plc Tel: +44 (0) 1472 725 560
Trevor Sands, Chief Executive Officer
This information is provided by RNS
The company news service from the London Stock Exchange
END
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