Closure of Offer for Cosalt (5480W)
February 01 2012 - 1:00AM
UK Regulatory
TIDMCSLT
RNS Number : 5480W
Oval (2245) Limited
01 February 2012
Recommended Increased Offer
for
Cosalt Plc ("Cosalt" or the "Company")
by
Oval (2245) Limited ("Oval")
Closure of Offer
On 10 January 2012, Oval declared the Recommended Increased
Offer wholly unconditional in all respects.
The Recommended Increased Offer has now closed and is therefore
no longer open for acceptances.
As at 1.00pm on 31 January 2012, Oval had received valid
acceptances under the Recommended Increased Offer in respect of
50,508,394 Cosalt Shares, representing approximately 12.48 per
cent. of the existing issued ordinary share capital of Cosalt.
Prior to today's announcement, David Ross owned 175,987,779
Cosalt Shares, representing approximately 43.52 per cent. of the
existing issued share capital of Cosalt.
Accordingly, Oval now either owns itself or through the
interests of David Ross (acting in concert with Oval) or has
received valid acceptances, which it may count towards the
satisfaction of the acceptance condition, in respect of 226,496,173
Cosalt Shares, representing, in aggregate, approximately 56.01 per
cent. of the issued share capital of Cosalt.
As previously notified, now that the Recommended Increased Offer
has gone wholly unconditional in all respects it is also the
intention of the Company to convene a general meeting of Cosalt
Shareholders to seek a delisting of Cosalt Shares and cancellation
of Cosalt's admission to the Main Market of the London Stock
Exchange.
It is also the intention to seek the re-registration of Cosalt
as a private limited company under the relevant provisions of the
Companies Act 2006.
Terms defined in the Offer Document and the Recommended
Increased Offer Document have the same meaning in this
document.
Enquiries:
WH Ireland (financial adviser to Tel: +44 (0) 20 7220
Oval) 1666
James Joyce / James Bavister
Evolution Securities (financial adviser Tel: +44 (0) 11 3243
to Cosalt) 1619
Joanne Lake / Peter Steel
RLM Finsbury (PR adviser to Oval) Tel: +44 (0) 20 7251
3801
James Leviton
Cardew Group (PR adviser to Cosalt) Tel: +44 (0) 20 7930
0777
Tim Robertson / Sophie Leigh-Pemberton
WH Ireland Limited, which is authorised and regulated in the
United Kingdom by the Financial Services Authority, is acting
exclusively for Oval and for no one else in connection with the
Recommended Increased Offer and is not advising any other person or
treating any other person as its client in relation thereto and
will not be responsible to anyone other than Oval for providing the
protections afforded to clients of WH Ireland Limited, or for
giving advice to any other person in relation to the Recommended
Increased Offer, the contents of this announcement or any other
matter referred to herein.
This announcement is not intended to and does not constitute an
offer to sell, or form part of, or constitute the solicitation of
an offer to purchase or subscribe for or an invitation to purchase,
any securities.
Copies of all announcements by Oval are available on
www.cosalt.com
This information is provided by RNS
The company news service from the London Stock Exchange
END
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