Cosalt Share Discussion Threads

[joeblogg2] 10/2/2012 09:30

Looks like a lot of pi's being forced into submission by the GM, need SORT memebers who can to continue the buying and not let the shares into Ross's hands.

[ravenna23] 09/2/2012 22:54

An update on the Takeover panel:

I have received a reply from the DG saying that he will look into Cosalt. I have sent the following reply. Thanks to the poster who put me on to this letter, it explains where over 7m of the cash went.

Dear Sirs

Thank you. My suspicions re payment to the pension scheme and Sovereign loans have been confirmed. Buried in the material contracts section of the offer from Oval is a letter entitled Letter to Survitec re Pension Holiday. This is dated 21 August 2011 and signed by Mr Carrick who was at that time a director of Cosalt. It details how the proceeds of the sale of Cosalt Marine to Survitec will be apportioned. 2 million was used to reduce the debt of senior shareholders Ross and Sovereign, and over 5 million to reduce the pension deficit. As the accounting information available to shareholders is up to end June 2011 this is not exactly transparent. I hope that you will agree now that I am not being unreasonable with regard to my concerns about the tactics being used by Mr Ross.

Yours faithfully

Finally I have given instructions for my 4.1m shares to be voted against both resolutions. Savecosalt.com showed me how!

[targatarga] 09/2/2012 22:04

Strange that cameron insists that wind farms shall go ahead even though their not cost effective. Perhaps ross is his advisor.... imho

[aspers] 09/2/2012 21:22

Is it not funny that after 2 days of millions of shares traded Dross decides to call an AGM......why...??? because all of his pals have hoovered up those loose shares.....if CSLT go private and I lose my very large investment I will stop at nothing to make sure that one day justice will be done!!!

[thatfella] 09/2/2012 21:13

ChartsKeep and eye on at 22

[john168] 09/2/2012 17:39

Joe,
Whosoever doesn't matter, the principle of diversification still applied, just look at Richard Branson, even his house in his own island still for letting to tourists (with right price)!!!!!!!!!.
Money never enough!!!!!!!!
regards

[joeblogg2] 09/2/2012 17:19

John I am not so sure. The guy has so much money , is it greed or something else? I will be voting no as well and I just hope there are determined SORT holders with a few wealthy friends to mop up the sales to prevent Ross and co getting hold of the shares!!

[john168] 09/2/2012 17:12

I have no doubt that DR wanted this company for himself so much, even chopped into three parts, then sell separatly he'll get more than his money invested in.
I'm still a shareholder and will vote no in my proxy voting.
regards

[nicd] 09/2/2012 16:11

no, the big question is, who has being buying big these last few days:
Ross's mates, or speculators.

[the_beagle] 09/2/2012 15:39

If, as suggested, the investors against the cancellation hold 24% of the total issued equity, then I would say that they will certainly be able to stop the motion.

The BOD need 75%+ of the votes at the GM either in person or by proxi or electronic voting. Many old holders will fail to vote. Even if 95% of eligible votes are cast, which is a high figure, and the antis hold 24%, then the BOD can only claim 71% of the total, which will not carry the motion.

The big question is do the 24% actually exist.

[solarno lopez] 09/2/2012 15:21

I have written to my nominees to vote against de-listing !

[targatarga] 09/2/2012 15:14

nice and early egm. puts off a few pi's from attending..... imho

[monkey puzzle] 09/2/2012 15:06

My my....old DR seems to be determined to have his cake here.....amazing how he has thrown his toys out the pram, issued to updates and look at the movements in the share price as a result...he's obviously got his eye on a bigger prize through taking this private for a song rather than keeping it going as plc even after the share price recovered 2000% for shareholders here...this whole business has something of the night about it.

All IMO of course and what do I know.

[topinfo] 09/2/2012 14:42

DJ Cosalt PLC Proposed cancellation of listing

TIDMCSLT

RNS Number : 1464X

Cosalt PLC

09 February 2012

Proposed cancellation of listing of the Cosalt Shares to the Official List and of trading on the London Stock Exchange's main market for listed securities

Re-registration as a private limited company

and

Notice of General Meeting

The Board of Cosalt plc ("Company" or "Cosalt") announces today that the Company is seeking shareholder approval for the cancellation of the listing of Cosalt shares on the Official List and trading on the London Stock Exchange ("Cancellation"). A circular is today being posted to the Company's shareholders convening a general meeting to take place at the offices of the Company, Origin 4, Genesis Park, Origin Way, Grimsby DN37 9TZ, at 9 am on 27 February 2012 to seek such approval ("General Meeting") and explaining the background to the proposed Cancellation and the reasons why the Board of Directors unanimously consider the proposed Cancellation to be in the best interests of the Company and its shareholders as a whole, and further why it recommends that shareholders should vote in favour of the proposed Cancellation at the General Meeting ("Circular").

The Circular will also be available on the investors' section of Cosalt's website accessible at www.cosalt.com and is also available for inspection at Osborne Clarke One London Wall, London EC2Y 5EB upon request and will also be stored at the National Storage Mechanism.

EXPECTED TIMETABLE OF PRINCIPAL EVENTS

Publication of Circular, the Notice of the General Meeting and the Form of 9 February 2012 Proxy

Latest time and date for receipt of Forms of Proxy for the General Meeting of 9.00 am on 25 February 2012 Shareholders

General Meeting of Shareholders 9.00 am on 27 February 2012
Last day of dealings in Ordinary Shares on Main Market and in CREST 26 March 2012
Expected date of cancellation of listing and trading on the main market 27 March 2012

Notes:

1. References to times in the Circular are to London time unless otherwise

stated.

2. If any of the above times and/or dates change, the revised times and/or dates will be notified to Shareholders

[joeblogg2] 09/2/2012 13:49

Not sure what is going on but the MM's are doing all they can to get people to sell with the sharp moves and then stopping buys???

[srpactive] 09/2/2012 12:30

Well I am sure if the situation is explained in the light
of the financial crisis etc etc and the shareholders
and employees are saved, all might work out ok.

But making people upset never resolves situations,
just amplifies them.

dyor

regards

active

[joeblogg2] 09/2/2012 12:24

Well said srp. I hope there are some wealthy private shareholders who can mop up the sells so that SORT maintain a reasonable percentage to thwart his delisting plans. I am not sure but I may have read somewhere he wants to delist to hide wrong doings???

[srpactive] 09/2/2012 12:18

aspers

If what you are saying is the case, wouldn't
it more benefical to keep it listed and
get the company profitable which would lead
to a valuation alot higher, than it was
taken private, also alot easier to realise a
stake listed than private.

I am still continuing to buy when I can, did
not yesterday but may today, the share price
hit 2.2p yesterday and retraced, today the
share price has gone to 0.875p and bounced
immediately, maybe this is the range until the
uncertain becomes more certain.

Just my thoughts.

And a message to Mr. Ross you have brought your breakeven
within touchng distance, if it was your intention just to
get your money back, just do that and sell to siemens or another,
if it is to get the company profitable and makes money
do that also and stay listed. One point you must remember
is the shareholders have not played any part in
reducing your investment to where the company has taken it.
If delisted the only people not anyway shape or form
responsible for the companies position will be punished,
the shareholder ( except obviously yourself ), the
employees will keep their jobs which is good but they
would anyway based on all the work in the Grimsby and
North sea areas, just think for a minute why
the shareholders should be punished for no reason.
We all live together and mix together and it is always
better to make friends rather than the others.

I know you or your colleagues will be reading this.

Lets all work together, employees, shareholders and
management to improve Cosalt for everyone.

dyor

regards

active

[aspers] 09/2/2012 08:52

Rav...one wonders how many sold yesterday, just don't trust the boy, his pals take loads of these off the table so stop the PI's getting their hands on them, nothing illegal there I guess.....just my thought's. :-(

[ravenna23] 09/2/2012 08:47

Aspers, the numbers are against Ross, he cannot win unless he gets his mates to push the price up to 10p so that many people in Sort sell!

[aspers] 09/2/2012 08:34

BH...I guess some of the 22% have taken some profits yesterday and run???