RNS Number : 9489Y
Cosalt PLC
14 July 2008
Cosalt PLC
("Cosalt" or the "Company")
Placing of 1,233,500 new ordinary shares
Cosalt is pleased to announce that it has placed 1,233,500 new ordinary shares in the
Company at a price of 240p per share (the "Placing
Shares") raising £2.96 million before expenses.
The Placing Shares will rank pari passu in all respects with the ordinary shares in issue
and are being placed under the authority taken
at the Company's AGM on 19 March 2008.
The placing has been fully underwritten by David Ross and Sovereign Holding Limited, the
holding company for the Rappaport family.
The net proceeds of the placing are expected be applied to part fund the acquisition of
Myhre-Maritime A/S ("Myhre"), a Norwegian marine
safety business, which was announced on 26 June 2008. Completion of the acquisition of Myhre
remains subject to the Company finalising the
additional debt financing required for the purpose of the acquisition.
Myhre, which is being acquired for up to £12 million, is located in Stavanger, Norway,
and will reinforce the Company's already strong
position in the North Sea. In the year to December 2007, Myhre recorded a pre-tax profit of
GBP1.8 million on turnover of GBP8 million.Gross assets were some GBP4.2 million.
Application will be made for admission of the Placing Shares to the Official List and it
is expected that admission will become
effective and that dealings will commence at 08.00 a.m. on 18 July 2008.
14 July 2008
ENQUIRIES:
Cosalt PLC Tel: 01472 504 504
Mark Lejman, Chief Executive
Neil Carrick, Finance Director
Kaupthing Tel. 0203 205 7500
Graham Swindells
Marc Young
College Hill Tel: 020 7457 2020
Mark Garraway
Adam Aljewicz
This information is provided by RNS
The company news service from the London Stock Exchange
END
MSCDGGMNVMLGRZM
|