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| Share Name | Share Symbol | Market | Stock Type |
|---|---|---|---|
| Cosalt | CSLT | London | Ordinary Share |
| Price Change | Price Change % | Share Price | Last Trade
|
|
|---|---|---|---|---|
| 0.00 | 0.00% | 0.825 | 01:00:00 |
| Open Price | Low Price | High Price | Close Price | Previous Close |
|---|---|---|---|---|
| 0.825 | 0.825 |
| Top Posts |
|---|
Posted at 24/12/2012 09:51 by silverscoop Has anybody had any word from LSE regarding the embargo of the CSLT board?I can't get a reply at all. |
Posted at 19/12/2012 07:55 by ravenna23 Oh dear that got a reaction from iii. SHUT DOWN(CSLT) Sorry but we are unable to find any details matching this code. Please make sure you have the correct one. |
Posted at 26/4/2012 15:49 by srpactive if I was Mr Ross, I would list cslt on theaim, then once he had held his investment for more than two yrs it would be free of tax for inheritance tax purposes. So his £2.26m worth stake now could move to be worth tens of millions and it would be free of inheritance tax. Just a thought come on Mr Ross and cosalt, llets get the company moving up for the benefit of all involved. Also less regulation on aim. dyor regards active |
Posted at 05/3/2012 08:48 by srpactive Now we are remaining listed, we can focus on the chart.The 50dma is just crossing the 100dma which is very positive. I used to compare cslt with pmg and they moved in tandem, would be interesting if they followed again. I think the focus should now be on building bridges and getting cosalt in a good strong position financially aswell as having non executives put in place to ensure the board performs well. We need the city involved in cosalt and whatever needs to be done to achieve that must be a priority. Nice to see the bid rising. dyor regards active |
Posted at 29/2/2012 11:00 by john168 all businesses have a debt, some even have debts to the tune of billion pounds, but how a company nursing the debt and keep the business going is the skills of that company's directors board.is that anouncement another scare tactic of DR?. If DR cannot run CSLT, then put it up for sale in the open market, you'll see the true value of your shares. |
Posted at 27/2/2012 11:43 by aspers Beagle...why do you say in your dreams??....4p is the minimum value I see CSLT at now and with possible new orders just around the corner who knows!??? |
Posted at 12/1/2012 15:46 by srpactive The annoying point regarding this is the companybased on recent rns statements that the company is improving. It now has 5m funding until 30 June. Why need to delist. Laura Ashley aly has a major shareholder with approx 87%, I believe. Easyjet has Stelios family holding just over 40%, and both are trading well and paying very handsome dividends and special dividends. They are part of my income portfolio. If cslt get straight as they appear to be doing and become profitable, Mr Ross with his 43% could return cash via special dividends to benefit. Due to having vacancies for the non exec's, we have the opportunity to place some high profile cslt investors re mr repetto and mr raine in positions (obviously only if they agree). Look what happened at pmg when a high profile investor got seriously involved Mr Tom Cross, the share price went from approx 0.7p to 38p in about a year. dyor To me a delisting just does not make sense. regards active |
Posted at 06/1/2012 17:32 by john168 of course, next Monday must have news for CSLT, but whatsoever, DR have to deal with (at least) one very determined share holder (that is me), as a creditor to CSLT company, which is a person who own a part of this company (even it is very small), he wins or I win? he loses or I lose?.I hope both he and me will be winers. |
Posted at 03/1/2012 19:23 by john168 Joe- exactly that is the reason why I am a shares holder of CSLT, the recent purchased is only a confirmation of my faiths to CSLT products, that all.9 Jan 02 is the the dead line for CSLT shares holders to sell their shares to DR, it will not have me. regards |
Posted at 23/11/2011 14:33 by srpactive This is the 1 September report.We go from the comments in that to where we are today is disgraceful. The words stable and sound used. dyor -------------- Half Yearly Report Date : 01/09/2011 @ 07:01 Source : UK Regulatory (RNS & others) Stock : Cosalt (CSLT) Quote : 0.29 -0.135 (-31.76%) @ 14:13 Quote Chart Trades Level2 Free Cosalt Annual Company Report Half Yearly Report Share this article Alert TIDMCSLT RNS Number : 4117N Cosalt PLC 01 September 2011 Cosalt plc (" Cosalt" or "the Group") Interim results for the six months ended 30 June 2011 Summary -- Completed the GBP31 million sale of the Marine division to Survitec on 26 August 2011. -- Proceeds from the sale will be used to reduce Group borrowings from GBP32 million at 30 June 2011 to GBP7 million during September 2011. The Company now has a more stable financial base, from which to develop its Offshore services businesses. -- Turnover and the operating loss from continuing operations before special items was GBP20.9 million (2010: GBP20.1 million) and GBP1.8 million (2010: profit of GBP0.1m) respectively. Special items from continuing operations for the period were GBP6.7 million: GBP3.6 million are non-cash relating to a write down in property values and impairment of goodwill, the balance are re-structuring, amortisation of intangibles, refinancing and litigation costs. -- Appointment of new Chief Executive Officer and Chief Financial Officer. David Ross, Chairman, commented: "The sale of the Marine division has enabled us to stabilise the business, reduce borrowings and re-focus the business on providing services to offshore industries. Trading has been challenging but the disposal of the Marine division will enable us to make a fresh start. To that end, we have today announced the appointment of a new senior management team, who come with extensive financial and commercial experience and I look forward to working together with them to grow the business." ENQUIRIES: Cosalt plc (www.cosalt.com) Tel: +44 (0)1472 725560 Mark Lejman, Chief Executive Evolution Securities Tel: +44 (0) 113 243 1619 Joanne Lake Peter Steel Cardew Group Tel: +44 (0)20 7930 0777 Tim Robertson Sophie Leigh Pemberton CHAIRMAN'S STATEMENT Overview I am pleased to be able to report the completion of the sale of the Marine division and subsequent restructuring of the Group's finances. As a result, the business is now in a stable position. Trading conditions have been challenging, a situation made harder to manage given the recent cash constraints across the Group and internal management issues in our Aberdeen business. With the sale of the Marine division, we have addressed some of the issues facing the Group and we can now focus on developing our core business of providing a range of specialist services to offshore industries. Following the sale of the Marine division, Mark Lejman has decided to step down as CEO and we wish him well. In his place I am pleased to announce the appointment of Trevor Sands who joins from the global engineering multinational Emerson Electric Inc and we have also announced today the appointment of Dolores Douglas as Chief Financial Officer. Together, we will seek to create a long term solution for the business and deliver sustainable shareholder value. Results Excluding the discontinued Marine division, the results for the continuing operations saw turnover increase to GBP20.9 million (2010: GBP20.1 million), despite a tough market environment. After absorbing head office costs, the Continuing Group reported an operating loss before special items of GBP1.8 million (2010: profit of GBP0.1m). The loss before tax and special items was GBP3.3 million (2010: GBP1.2 million loss). Trading in the Offshore division has improved since June but in the first half was affected by reduced volumes in Norway. Despite a strong order book raw material shortages affected Workwear's ability to meet demand but we expect Workwear to recover in the second half. The Continuing Group incurred special items of GBP6.7 million (2010: GBP2.0 million), of which GBP3.6 million are non cash items relating to a write down in investment property values and impairment of goodwill. The goodwill in respect of the Norwegian business has been impaired following continued trading weakness. The balance relates to restructuring of the head office to more readily align its size with the ongoing business, amortisation of intangibles, re-financing and litigation costs. Consequently, the Group recorded a loss before taxation from continuing operations of GBP9.1 million (2010: GBP2.4 million loss). The discontinued Marine division recorded a post-tax profit before special items of GBP2.4 million (2010: GBP1.6 million). The Group has been required to recognise GBP2.7 million of one-off advisory and other costs related to the disposal of the Marine division in the income statement ahead of recognising the overall profit on the sale. The post-tax loss from discontinued operations after special items was GBP0.3 million (2010: GBP1.2 million profit). The Total Group loss for the period after taking all these into account was GBP9.4 million (2010: GBP1.3 million). After the application of the net proceeds from the disposal, net borrowings will reduce to GBP7 million during September. The Group has banking facilities in place of GBP11.4 million and on the conclusion of the disposal of the Marine Division, Sovereign Holding Limited and I, as substantial shareholders in the Group, each subscribed for GBP1 million of A Loan Notes in the Company as set out in the circular to shareholders dealing with the disposal of the Marine division and as set out in note 3 to the interim financial statements. Both the banking facilities and the shareholder loans expire in December 2012. The Board believes the shareholder support and banking facilities provide the Group with sufficient headroom to support its ongoing commitments.The deficit in the Pension Scheme, calculated in accordance with International Accounting Standards, was GBP9.0 million as at 30 June 2011 (31 Dec 2010 GBP9.1m). As disclosed in note 3 to the interim financial statements, and as agreed with the Trustees of the Cosalt plc Retirement Benefits Plan, no contributions towards reducing the deficit in the Plan will be required for up to 18 months from March 2011. The Company is not proposing to pay an interim dividend. Operations Cosalt Offshore Cosalt Offshore supplies, inspects, tests, maintains and manages a wide range of safety equipment, from portable lifting and working-at-height equipment, gas detection and breathing apparatus and powered hand tools to lifeboats and liferafts, for the Offshore oil and gas industry. We also provide a range of inspection services for offshore fixed platforms and floating facilities operating out of two sites at Aberdeen and Stavanger. The business employs 300 engineering staff and provides a pan-North Sea supply of goods and services to the offshore oil and gas industry. Reporting under the Offshore division, Cosalt Wind Energy ("CWE") completed its first year of operations. CWE is still in the early stages of its development but the scope of the market opportunity to provide specialist services to the expanding wind energy market in the UK is significant. Cosalt Offshore generated turnover of GBP16.4 million (2010: GBP14.6 million) in the period, reflecting an increase in activity in Aberdeen. However lower volumes in Norway, coupled with the costs of supporting the development of the wind energy business, meant the Offshore division recorded an operating loss before special items of GBP0.4 million (2010: operating profit before special items of GBP0.9m). Trading since the half year has improved, with significant offshore activity on both sides of the North Sea associated with construction projects and maintenance shutdowns. The new management team, under recently appointed divisional CEO Rod Buchan, has made good progress over a relatively short period, establishing an organization structure and strong support functions aligned to Offshore's growth strategy in key market segments. During the first half of the year, the business retained and renewed all material support contracts, signed a new long term collaboration agreement with Sparrows Offshore and secured a number of new contracts in the lifeboats and consultancy sectors, both of which are seen as future growth areas. The business was also proud to be awarded an International Safety Award by the British Safety Council. The Company is continuing to vigorously pursue claims through the Scottish courts against the parties believed to be responsible for the stock and work in progress shortfall identified in Aberdeen in September 2010. This includes seeking damages against Calum Melville and Stuart Melville (previous employees of the Group) and companies associated with them for losses suffered by the Group as a consequence of an alleged fraud, including the costs of the Group in relation to this matter. As a Board we have committed to seeing these proceedings through to completion and once the civil case closes, it is the Board's intention to pass the files over to the relevant authorities/police. Cosalt Workwear Trading for the period saw lower revenues of GBP4.5 million (2010: GBP5.5 million), attributable to lower volumes due to a shortage of raw materials slowing delivery and reduced orders in certain areas reflecting the weaker economic environment. These factors led to a loss before special items at the operating level of GBP0.3 million (2010: operating profit before special items of GBP0.2 million). However, looking ahead, the division has a strong order book worth GBP1.6 million which, with more readily available raw material supplies, should recover in the second half of the year. A key focus for the Workwear business is delivering on the substantial framework agreement with the Fire & Rescue Service in South East and Eastern England. Workwear has also won new contracts with BAA, Renault, Toyota and the MOD. Cosalt Marine Cosalt Marine was sold to Survitec on 26 August 2011. For the period under review turnover was GBP29.2 million (2010: GBP28.3 million) whilst operating profit before special items was GBP3.6 million (2010 GBP2.3 million). People In a separate announcement today, following the sale of Marine division, the Company announced that Mark Lejman has agreed with the Board that he will step down as Chief Executive Officer and will leave the company on 26 October 2011. Trevor Sands has been appointed as the new Chief Executive Officer and he will commence his appointment from 27 October 2011. Also announced today is the appointment of Dolores Douglas as Chief Financial Officer. Further to the announcement made on 18 May 2011, the Board of Cosalt now confirms that Neil Carrick, Director, will remain with the Group until 30 September 2011. Mike Reynolds, the Group's former Chief Financial Officer and a previous Director, left the Group on 30 June 2011. Principal Risks and Uncertainties Further to the circular dated 2(nd) June 2011, the risk factors surrounding the disposal of the Marine Business have been dealt with. However the delay in the OFT approval will affect the speed of the "Workwear Business" growth trajectory. The risks relating to the continuing group include the following: Ongoing performance of the business is required to support the Company's financial obligations and whilst indications in the Oil and Gas sector appear favourable, activity levels in Norway in particular, can fluctuate. Internally the separation from the Marine business is subject to the success of the IT TSA (transitional service agreement) and requires constant monitoring. Current Trading and Outlook Trading in our continuing businesses since the period end has been satisfactory, with volumes in all three operations improving. The disposal of the Marine division has enabled the Group to reduce its borrowings to a manageable level and remove the cash constraints in the short-term under which the Group has operated in recent times. Whilst we need to address the trading issues facing the business, the core business of providing offshore services is sound and I believe we have secured the right team with which to build this business back up. |
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