Cosalt PLC Interim Management Statement (2197S)
November 28 2012 - 6:18AM
UK Regulatory
TIDMCSLT
RNS Number : 2197S
Cosalt PLC
28 November 2012
Cosalt plc
("Cosalt" or "the Group" or "the Company")
INTERIM MANAGEMENT STATEMENT
The Board of Cosalt today announces its Interim Management
Statement in respect of the period from 1 July, 2012 to 27
November, 2012.
The Group previously announced that it was in continuing
discussions with David Ross, the Group's pension trustees and its
banks to secure a long term financing solution. Those discussions
are still on-going and whilst their outcome remains uncertain, the
Group is still not yet in a position to publish its Report and
Accounts for the 12 months ended 31 December, 2011. The Company's
ordinary shares continue to be suspended from trading pending
publication of its audited accounts.
The Group, as previously reported, reached settlement in
relation to litigation against Calum and Stuart Melville and
associated companies, under which it has received GBP1 million to
date and a further GBP1 million, secured by a pledge of shares in
Global Integrated Services Limited, is due to be received by
subsidiary GTC over 18 months from January, 2013. The Group is now
in contact with the police regarding this matter.
After interest and the costs associated with being listed, the
Group has been trading at a loss and the level of indebtedness, and
issues of and allied to the litigation, have continued to
significantly constrain the business. The pension contribution
holiday previously agreed with the Group's pension trustees has now
expired, but the Group has not yet been able to agree with the
trustees any replacement arrangements regarding contributions.
Notwithstanding these issues, good progress has been made towards
operational improvements in the main operating businesses.
The management team remains very focused on finding viable
solutions to these issues for all parties involved in the
discussions and will make a further announcement as soon as
possible.
ENDS
Enquiries:
Cosalt plc Tel: +44 (0) 1472 725560
Trevor Sands, Chief Executive
Officer
Cardew Group Tel: +44 (0) 207 930 0777
Tim Robertson
This information is provided by RNS
The company news service from the London Stock Exchange
END
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