Cosalt Share Discussion Threads

[ravenna23] 09/4/2013 10:06

A giant step down,sooner would have been better,imo.

Ross resigns as deputy chair of Humberside LEP

Shock departure after running Cosalt Plc into the ground!!!

On international sites I have seen Ross net worth reduced to £20m, Forbes rated him the biggest loser of 2008/9. I wonder if his pal Murdoch will still over value his wealth on 21st April Times Rich List, or will he drop off. The banks are obviously unimpressed.
I should mention that he is still considerably better off than I am.
However the amount of money he has lost, and the resulting sale of assets suggest he is not that good at business. By Margaret Thatchers definition he is a Socialist, very good at wasting other people's money.
He should retire to Mustique, how long can he live on the mobile retailer reputation, getting a bit tired ten years on?

[ravenna23] 13/3/2013 09:26

Millions of shareholder cash was poured into Workwear to provide the working capital to produce safety clothing for the Fire Services. The business model meant that all this cash was invested up front and the fire services effectively leased their equipment through a maintenance contract. As the up front cost has been paid there is now an immense and highly profitable cash flow from these agreements. Last Summer the employees of Workwear were asked to reapply for their own jobs. Cosalt shareholders paid the redundancy costs.
Workwear (Ballyclare) no longer has to return this investment to shareholders, or have any liability to the pension fund. The sum paid by Mr Ross is undisclosed. The efforts made by PwC to market the company to other bidders is undisclosed.

[stevi111] 12/3/2013 13:40

No surprise there. Disgusting.(And again the GT sensor people from sharing their views by disabling comments)

[targatarga] 02/3/2013 21:38

usually advf- don't close obsolete boards!

[srpactive] 01/3/2013 21:57

Thank you.

[isalolly] 01/3/2013 20:51

Message from REtoo on the iii boards, "Just a little note to say we are in touch with the Administrators, The Takeover Panel amongst others and have not given up the fight. "

Ravenna is indisposed because of the threat of legal action against him.

The Cosalt board on LSE has gone now, not just suspended, presumably because Cosalt is no longer listed.

I would imagine it is just a matter of time here.

[srpactive] 22/2/2013 10:20

Ravenna23

Is anything going on in the background with
the sort and mp groups?

tia

regards

active

[isalolly] 19/2/2013 20:56

In administration speak it's called a "hive down".

Assets (in effect subsidiary Cosalt Offshore) transferred into a new company, then the share(s) in that company sold to the third party.

Dunwilco (1793) Ltd is the new company set up by solicitors Dundas & Wilson (remember them from the case against Melville?) for that purpose. Then, we're led to believe, ATR will purchase the share(s) in that company, financed by NBGI Private Equity, whose parent group would you believe it are the National Bank of Greece. NBGI Private Equity will borrow the money from someone, when they bought ATR for £20M last year it was loaned by the Clydesdale Bank.

Banks will lend to NBGIPE for ATR to manage Cosalt Offshore, they wouldn't lend to David Ross. Once bitten, twice shy.

[targatarga] 19/2/2013 20:50

yep - probably the plan all along...

[mrshaungcm] 19/2/2013 20:44

thats a good question
a quasi per pack?

[targatarga] 19/2/2013 20:31

So who owns Dumwilco[1793] limited

[isalolly] 19/2/2013 07:56

From unvkrw, the PWC announcement, bookmark this page for future reference.



By the way, will this thread self-distruct at 8am?

Excepts from the report.

"It is anticipated that there will be no distribution to the unsecured creditors of the Company." Hopefully that includes Ross, possible he's already paid himself off though.

"Shareholders will not receive any return of the capital they have invested in the Company. In our role as administrators of the Company, we are not able to provide any personal advice to shareholders and suggest that, if you have any concerns, you seek your own independent advice". That's us

We will post all future updates and reports relating to the administration of Cosalt plc to this website. If you have any further queries, please contact Clare Davison on 0113 289 4062.

[s o r t] 18/2/2013 17:44

Dross..."You're a waste of a bawbag"

[jordon] 18/2/2013 14:56

Holts - Loans plus "interest " will have been substantially repaid or I am a Dutchman. I see an individual A Ross is appointed an Administrator. Is it a common name.

[holts] 18/2/2013 14:34

interesting to learn if D.ross will get back any of his loans , what do we think ?



edit:spelling

[targatarga] 17/2/2013 19:42

Just google him.... He's got quite a very site. Still making some very good points!

[madd1] 17/2/2013 12:23

Vernon Coleman.. he had a column in the news of the world years ago didnt he? havent heard of him in ages.

[solarno lopez] 17/2/2013 11:52

you should have let him take it private me thinks

[silverscoop] 17/2/2013 11:04

Seems that free speech IS dead.
Any comments posted on the 'This is Grimsby' website that refer to Cosalt or DRoss are being removed. Seems he's got them in his pocket as well.
Is there no way to expose this man? The Times are running a story now about how DRoss tried valiantly to save his family firm! What a load of tosh. Again comments aren't being accepted !
Shows what friends in high places can do.

[srpactive] 16/2/2013 11:22

citywire states a article in the FT.

I have not read or have a link.

regards

active

[isalolly] 16/2/2013 11:09

don't make me laugh

[isalolly] 16/2/2013 11:06

news items

[holts] 15/2/2013 19:36

Silver scoop unless someone is able to preserve all records nothing will be possible.

[silverscoop] 15/2/2013 17:16

Better target for a Rottweiler !