Funding update and Directorate changes (3441V)
January 11 2012 - 2:00AM
UK Regulatory
TIDMCSLT
RNS Number : 3441V
Cosalt PLC
11 January 2012
11 January 2012
Cosalt plc
("Cosalt" or "the Company")
Funding update and Directorate changes
Further to Oval (2245) Limited's ("Oval") offer for the issued
share capital of Cosalt being declared wholly unconditional on 9
January 2012, the board of Cosalt confirms that it has agreed
revised arrangements for the provision of borrowing facilities to
the Company by Oval. The Company's previous short-term GBP5 million
borrowing facility with Oval, which expired yesterday, has now been
replaced with a new GBP5 million unsecured facility. The Company
will use this facility to fund working capital and capital
expenditure. Under the terms of the new facility, any amounts
outstanding will fall due for repayment on the earliest to occur of
(i) 30 June 2012; (ii) the date of any refinancing of any nature of
the Company's bank facilities (being a refinancing, redemption or
cancellation in full of all such facilities) with HSBC and RBS, the
Company's senior lenders; or (iii) the date the facilities must be
repaid on certain events of default.
The board also confirms that, upon Oval's offer for the Company
having been declared wholly unconditional, Ken Murray, Maurice
White and Yarom Ophir resigned as non-executive directors with
effect from 9 January 2011. The board now comprises David Ross,
Non-executive Chairman and Trevor Sands, Chief Executive
Officer.
Mr Ross said: "I would like to thank Ken, Maurice and Yarom for
their contribution to the Company over many years and wish them all
the best for the future".
Enquiries:
Cosalt plc Tel: +44 (0) 1472 725560
Trevor Sands, Chief Executive
Officer
======================================== ==========================
Evolution Securities Limited Tel: +44 (0) 113 2431619
Joanne Lake / Peter Steel
======================================== ==========================
Cardew Group Tel: +44 (0) 207 930 0777
Tim Robertson / Sophie Leigh Pemberton
======================================== ==========================
This information is provided by RNS
The company news service from the London Stock Exchange
END
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