User:Isalolly/sandbox

A recent history
Cosalt has had a turbulent recent history. This brief resume commences with the sale of Cosalt Marine to Survitec in August 2011. This was followed shortly afterwards by a bid by Chairman David Ross to buy and delist the company, so far resisted by shareholders. At the time of writing Mr Ross holds 56% of the company shares which have been suspended from trading since the company failed to produce it's Annual Results and Report for year end 31st December 2011 by the end of April 2012.

17th August 2011 RNS: 5591M

OFT Decision confirming approval for sale of Marine business. Share price rose from 2.25p to 3p.

1st September 2011 RNS: 4117N

Half Yearly Report - Interim Results. David Ross, Chairman, commented: "The sale of the Marine division has enabled us to stabilise the business, reduce borrowings and re-focus the business on providing services to offshore industries. Trading has been challenging but the disposal of the Marine division will enable us to make a fresh start. To that end, we have today announced the appointment of a new senior management team, who come with extensive financial and commercial experience and I look forward to working together with them to grow the business." CEO announced agreement to step down and leave the company on 26th October 2011. New CEO appointed to start on 27th October. Also announced new CFO. Share price stable at 2.9p

17th October 2011 RNS: 3190Q

Hanover 1 Master Fund had sold all their 24.4M shares on 14th October. Share price fell to 1.75p

19th October 2011 RNS: 4436Q

Trading Statement. Stating that 6 weeks after the Half Year Report trading was now below expectations, and money was tight due to the OFT delays to the Marine sale. No financial details provided. Stated that banking covenants had been tested as OK on 30th September. Share price fell to 0.7p

17th November 2011 RNS: 2721S

Possible Offer of 0.1p and Interim Management Statement for 1st July to 16th November. No financial details provided. Mr Ross proposes to potentially offer 0.1p per share. The “Independent” Directors were to discuss it. Company debt has risen to £12.3M from £7M in September and statement that the debt may exceed the allowed £14.9M before yearend. Included is a statement that external market conditions are improving. Share price fell to 0.4p

23rd November 2011 RNS: 5930S

Funding Update. Stating that we only have £900K of bank facilities left, which will only last until 30th November. No further financial details provided, a further update will be given as appropriate.

23rd November 2011 RNS: 6434S

“A further update will be provided tomorrow.” Share price fell to 0.25p

25th November 2011 RNS: 7733S

Recommended Cash Offer of 0.1p agreed between the “Independent” Directors and the Board of Oval (Mr Ross). States that debt is now £14M (up from £12.2M 8 days earlier). Proposal to de-list company. Share price fell to 0.18p

30th November 2011 RNS: 1000T

Funding update, agreed until 20th December. Share price holding at 0.16p

7th December 2011 RNS: 4880T

Funding update and offer. Oval (Ross) are providing £5M working capital, until 22nd December. Share price risen to 0.23p

12th December 2011 RNS: 7440T

Letter from David Ross attempting to persuade shareholders to sell their shares to him for 0.1p “If my offer is not accepted by shareholders, then unless any other offers of finance are provided to the Company in the meantime, I do not believe the Company has the ability to continue as a going concern.”. Share price fell to 0.17p

16th December 2011 RNS: 1324U

Revised offer, 0.2p per share and announcement that a single shareholder (Progressive AIM) had sold 40.9M shares to Oval. Share price 0.2p

19th December 2011 RNS: 2308U

Sovereign holdings sell all 74.2M of their shares for 0.2p to Mr Ross. Ross (Oval) now hold 43.53% of the shares. Share price 0.22p

22nd December 2011 RNS: 5435U

Posting of the revised offer with letters of recommendation and notice that Oval now have undertakings for 49.32% of the shares. Share price 0.23p

10th January 2012 RNS: 2582V

Offer declared wholly unconditional as Ross (Oval) now have 53.7% of the shares, Independent directors resigned. Share price 0.27p

11th January 2012 RNS: 3441V

Funding update and directorate change. The previous £5M capital announced on 7th December and re-announced on 22nd December is now available until at least 30th June 2012. The board now comprises David Ross, Non-executive Chairman and Trevor Sands, Chief Executive Officer. Share price 0.23p

1st February 2012 RNS: 5480W

Closure of Offer for Cosalt. States total Oval (Ross) shares now 56.01%. Share price 0.4p

8th February 2012 RNS: 0676X

Statement re price rise. Share price 1.42p

9th February 2012 RNS: 1464X

Proposed cancellation of listing and notice of General Meeting on 27th February. Share price 0.9p

27th February 2012 RNS: 1795Y

Result of General Meeting, “shareholders voted against both resolutions as set out in the notice of general meeting of the Company dated 9 February 2012 (the "Resolutions"), as a consequence Cosalt will continue as a publicly listed company.” Share price 1.3p

12th April 2012 RNS: 2465B

Funding update. Additional revolving credit facility from Oval of £1M repayable by 30th April. Share price 0.97p

1st May 2012 RNS: 4409C/4214C

Shares suspended from listing by FSA pending publication of Annual Results for year end 2011. Revolving credit facility extended to 31st May. Share price 0.83p when suspended.

16th May 2012 RNS: 4205D

Interim management statement. Group sales in line with the budget but pressure on margin and cashflow. Costbase and level of indebtedness are not sustainable over the longer term, in the absence of a new financing solution. Shares remain suspended.

1st June 2012 RNS: 5838E

Funding update. Revolving credit facility extended to 30th June. Shares remain suspended.

6th June 2012 RNS: 8362E

AGM called for 28th June. The 5 Resolutions for the AGM are as follows: Shares remain suspended.
 * 1) To re-elect Mr D Ross, who retires by rotation.
 * 2) To elect Mr T Sands, who has been appointed since the last Annual General Meeting.
 * 3) To renew the directors' authority to allot relevant securities.
 * 4) To renew the directors' authority to allot equity securities other than on a pre-emptive basis.
 * 5) To authorise the Company to call general meetings (other than AGMs) on 14 days notice

28th June 2012 RNS: 3709G

AGM result. all motions passed. Shares remain suspended.

4th July 2012 RNS: 8482G

Funding update - Credit facilities of £6M previously advanced by Oval extended to 31st December. Shares remain suspended.

31st August 2012 RNS: 2309L

Statement ”the Company will also not be in a position to publish the Half Yearly Financial Report, required under DTR 4.2.2”. Shares remain suspended.