Cosalt Share Discussion Threads

[ravenna23] 31/12/2012 13:26

The key shareholders were unprepared to inject further equity, perhaps that could be because they consider the MD and Chairman to be inept?

[ravenna23] 31/12/2012 09:15

SaveCosalt.com for small shareholders point of view.

[ravenna23] 31/12/2012 08:24

Independent Directors

Make me laugh, these are the guys that recommended we accept 0.1p, as that we was the best we could get. Days later offer doubled. Incompetent or corrupted by the prospect of Directors loss of office compensation after less than a year of service. You decide.

[ravenna23] 31/12/2012 07:44

EPIC FAIL
David Ross as Chairman of Cosalt

Resign

Why is this so bad, 50m+ t/o, oil market margins, 17m debt including working capital. I bet a private equity company would like those numbers. Especially when they know that Dross is over charging for interest and lease terms. Easy pickings.

[ravenna23] 31/12/2012 07:29

One minute operating profit, next minute not. Just reallocate cost between operations and overhead, if Cosalt ever do publish accounts the FRC wil be all over it. Directors opinion on pension deficits is completely worthless, only an actuarial valuation carries weight. Do I believe anything Dross says, no.

[ravenna23] 31/12/2012 07:22

TIDMCSLT

RNS Number : 5070U

Cosalt PLC

31 December 2012

COSALT PLC

("Cosalt" or "the Group")

Update on Financial Position and Banking Facilities

Cosalt plc (the "Company") provides the following update on its financial position.

As at today's date the Cosalt Group has net indebtedness in bank loans and working capital facilities of approximately GBP17m. As reported previously, these facilities, all of which are due to expire on 31 December 2012, are provided by two banks, David Ross (a director of the Company), Oval (2245) Limited (a company controlled by David Ross) and one unrelated lender. Cosalt has been and remains in discussions with its lenders and also the trustees of the Group's main defined benefit pension scheme with regard to a solution to the Group's financial difficulties, and expects those discussions to continue in the New Year.

The Group's main defined benefit pension scheme was reported as having a deficit of approximately GBP9m when last reported in the financial results for the year ended 31 December, 2010. The directors believe this figure will have increased materially since then although no formal up to date valuation is available to them. The pension contribution holiday agreed previously with the Group's pension trustees has expired and the Group was due to recommence payments in October 2012. However, the Company has been unable to agree a recovery plan with the pension trustees and payments have not recommenced.

The Group has continued to incur operating losses during 2011 and 2012 and its operating businesses are only able to continue normal operations with the support of working capital facilities provided by David Ross and Oval (2245) Limited. However, at the time of the offer made by Oval (2245) Limited on 25 November, 2011, the Independent Directors (as defined in the offer document relating to that offer) explained the uncertainty facing the Group owing to its trading prospects and funding position, that key shareholders had been consulted but were not prepared to inject further equity and that other courses of action, such as the sale of some of the Company's remaining assets or businesses, did not present a viable alternative to the offer as they would be unlikely to produce any value for shareholders due to the level of the Group's net indebtedness. This remains the Company's belief.

Further announcements will be made as appropriate.

Enquiries:


Cosalt plc Tel: [phone]
Trevor Sands, Chief Executive
Officer

Cardew Group Tel: [phone]
Tim Robertson / Tom Horsman

This information is provided by RNS

The company news service from the London Stock Exchange

END

MSCDGBDDDSXBGDG





Well if it is such a basket case why not put it into administration. This is clearly a case of creative accounting and obfuscation of the facts. More carp from David Ross

[ravenna23] 30/12/2012 19:00

Given that the LSE Cosalt board has been closed down and most shareholders have been blocked on iii, forums have been set up on savecosalt.com just in case this board is shut down too.

[ravenna23] 28/12/2012 07:44

From rumours I hear the Melvilles will not reassign the lease of the Aberdeen property should the company be put into administration, this may well be bad blood due to the court case. That puts the kibosh on a pre pack. I am hoping the light settlement will not encourage another path. All shareholders have invested heavily in the development and upgrading of Aberdeen. If it is sold to GIS at a knockdown price that would be suspect.

[knarf] 24/12/2012 11:12

What a difference a generation makes?

[silverscoop] 24/12/2012 09:51

Has anybody had any word from LSE regarding the embargo of the CSLT board?
I can't get a reply at all.

[isalolly] 21/12/2012 13:32

Re 25 Nov 2011 statement, I remember commenting at the time to the effect of "we've got no cash, how can we afford PWC? There must be somebody in house to do it"

Ross's loan must have gone straight to paying for PWC. Rich man who has no clue how to live frugally has a lot to do with our undoing.

[madd1] 21/12/2012 12:10

seeing as lse is gone and id imagine iii will soon follow the forum at savecosalt is now open. you gotta register to view the main cosalt board but it takes 2 minutes. www.savecosalt.com/forum/

[ravenna23] 21/12/2012 10:08

Letter sent to Dennis M Nally, PWC global chair, mentioning previous post and comments in parliament re corporate governance.

[ravenna23] 21/12/2012 07:11

No announcement this morning, does not surprise me, if there is one it will be as late as possible, 6pm?, to evade press deadlines. My guess is it will be run to the wire, 31st December.

[madd1] 20/12/2012 20:36

yea... Ross is a Saviour no doubt. gotta love the guy.

[bakone] 20/12/2012 15:35

I'm not even going to click on that link - qck?!?
It's a mash up of old news and some unknown's opinion! but I expect we are going to see some more PR games being played now - just a hunch!

[isalolly] 20/12/2012 13:24

and talktalk = CPW spin off, Ross = major shareholder

[l4rdy] 20/12/2012 12:25

isalolly, the domain name www.cosalt.com points to the IP Address 164.177.142.81. This IP Address does respond so the server has not been turned off. However, it is not possible to access the website on this server so the website has been turned off/disabled/hidden behind a firewall.

OPAL-SOLUTIONS.COM are part of TalkTalk Business and they simply look after the domain name for www.cosalt.com.

Not much help I know.

[bakone] 20/12/2012 11:14

Cosalt just mentioned in the House of Commons this am by Neil Carmicael =- 10 mins ago. WOW!

[ravenna23] 20/12/2012 10:00

Definitions
Keeps being reposted

[bakone] 20/12/2012 09:56

Can everyone take a few moments to write to the FSA and UKLA again. Some of the replies I have had from the Lords have urged us to go down this route.
It seems the FSA and UKLA are the organisations that can order a look at the finances (- unless we have proof of criminal wrong-doing) David Ross and Trevor Sands are using the non-publication of accounts as a "get-out-of-jail-free" card. I know that the FRC has contacted Cosalt's auditors KPMG twice in recent weeks. So please contact FSA and UKLA asap and put your concerns and suspicions to them again.

[isalolly] 20/12/2012 09:54

and I've just found out that CPW bought out AOL UK a while ago (should have paid more attention) so the barsteward's got a finger in my broadband connection....