Cosalt PLC Company Announcement (2216V)
January 10 2013 - 2:00AM
UK Regulatory
TIDMCSLT
RNS Number : 2216V
Cosalt PLC
10 January 2013
Cosalt plc
("Cosalt" or "the Company" or "the Group")
Company Update
Cosalt plc notes the recent speculation regarding the Group's
affairs and potential disposals of Group businesses. The Company
gave an update on 31 December 2012 regarding its financial position
and the on-going discussions with its lenders and the trustees of
the Group's main defined benefit pension scheme with regard to a
solution to the Group's financial position.
The Company also confirms that whilst those discussions are not
yet concluded, it is in discussions with third parties regarding
the sale of the operating divisions, Cosalt Offshore and Cosalt
Workwear. Discussions with all parties are continuing and there can
be no certainty that any agreement will be reached, either with
creditors regarding a solution to the Group's financial position or
with potential acquirers of the operating businesses.
The Directors remain focused on reaching a solution which will
ensure the long term future of both operating businesses;
safeguarding jobs and ensuring continuity of service to customers
and suppliers. The Directors also acknowledge the important role of
these two businesses within their local communities. However, the
Directors believe it is unlikely there would be any value
attributable to shareholders due to the level of the Group's net
indebtedness and pension scheme liabilities.
Enquiries:
Cosalt plc Tel: +44 (0) 1472 725560
Trevor Sands, Chief Executive
Officer
Cardew Group Tel: +44 (0) 207 930 0777
Tim Robertson / Tom Horsman
This information is provided by RNS
The company news service from the London Stock Exchange
END
SPCBLMTTMBAMTTJ
Cosalt (LSE:CSLT)
Historical Stock Chart
From Apr 2024 to May 2024
Cosalt (LSE:CSLT)
Historical Stock Chart
From May 2023 to May 2024