Cosalt Share Discussion Threads

[ravenna23] 08/2/2013 12:33

I think he would have to declare that up front, but given the last two years, nothing would surprise me! My best guess ATR for offshore, Derby Unitex for Workwear.

[the bounty hunter] 08/2/2013 11:30

Do we need to watch out for DRoss being the buyer of these divisions?

[ravenna23] 08/2/2013 11:21

URGENT Contact the UKLA emergency line 020 7066 8354
by Ravenna23 » Fri Feb 08, 2013 10:59 am

If you are a shareholder and want to know what went wrong phone the above number ASAP, it is designed for complaints about companies in severe financial difficulty.


As a shareholder in Cosalt I strongly object to any dispensation from the listing rules for a class 1 transaction for David Ross and Cosalt plc. David Ross is already in breach of the listing rules and Companys Act by failing to publish accounts for almost 2 years. Furthermore he has ignored the corporate governance code by failing to appoint independent Directors for over a year. Any dispensation is solely to the advantage of one shareholder and lender, David Ross. He has already stated that other shareholders are unlikely to benefit from the proposed sales.
The company finds itself in this precarious position due in no small part to his actions, such as his reneging on a promised 5m investment in the company, given at the time of his offer.
He seems to be implying that jobs will be lost as a result if he is not given this dispensation. In my view if an independent receiver is appointed the trading divisions are just as likely to be sold as going concerns with no loss of jobs. Furthermore shareholders will at last receive an independent verdict as to what went wrong, something Mr Ross seems very keen to hide.
As majority shareholder, largest creditor and Chairman the timing and amount of any trading division sale is his decision. He should not be allowed to evade the provision of financial information any longer.
Do not give him dispensation from the requirements of a Class 1 transaction.

[srpactive] 08/2/2013 10:22

Now the cwe arm has been closed the losses have stopped.
So if we were creating an operating profit before this we should
be making a better one now, the banks or investors should
be more positive towards cosalt now than before.

This is why negative rns statements are released at 07.00
and positive ones are buried at 17.09.

Just in my honest opinion.

Not saying anything about anyone or anything.

Now sell the workwear and raise funds for just the
profitable offshore oil and gas and we are away.

dyor

regards

active

[stevi111] 08/2/2013 09:31

In the Grimsby Telegraph today.

Note - The comments section has been disabled on this story. Disgusting.

[isalolly] 07/2/2013 19:30

madd says the email function is working, can't see your registration. second question, did you use the right email & did you get the sign up question right. If not sure, try again.

edit, ok you're talking to each other, I'll dip out

[madd1] 07/2/2013 19:19

ahh cookies, what browser are you using Silverscoop and have you any addons installed? i reccomend you install a clean version of Opera from the website www.opera.com and you should have no problems.

If you install Opera simply press F12 to open the quick settings and make sure cookies are enabled.

[isalolly] 07/2/2013 18:52

Silverscoop, first question, have you checked your junk folder? I've PM'd Madd the administrator of the site, will get back to you.

[jordon] 07/2/2013 18:29

The CEO must have been taken by surprise if he was only aware recently of the escalating losse during the year, --- OR you form your own opinion and it is ??

[silverscoop] 07/2/2013 14:13

isalolly:
I still can't get onto 'savecosalt', I filled everything in but haven't had an e-mail authorisation.
I should know by now, anything with 'cosalt' attached is going to have problems !

[silverscoop] 07/2/2013 11:06

isalolly:
I have problems with my PC accepting cookies, which it seems to have to do to access the forum. I'll get my son to have a look later.
So Rossy seems to dislike criticism then.

[srpactive] 07/2/2013 09:22

The Guardian: The government is buying equity stakes worth £50 million in a series of onshore windfarms in an unusual move that is likely to anger Tory backbench MPs campaigning against public subsidies for one of the most controversial forms of renewable energy.

The Independent: Greencoat UK Wind has unveiled ambitious plans to raise £250 million by listing its shares on the London Stock Exchange.

[silverscoop] 07/2/2013 09:17

btw
Why does Rav keep posting dots ?

[silverscoop] 07/2/2013 09:15

Anybody still active on this BB ?
I can't access the 'savecosalt'website and wondered what the reaction of PI's was. Are we finally stuffed ?

[isalolly] 07/2/2013 08:29

You mean following this mornings RNS?

Plenty of work in Aberdeen for the skilled workforce, other company's will just pick up the contracts and take on the workforce to manage them. They'll probably be better off.

Providing for the pensioners is the issue, the least Ross can do is fund that out of his back pocket. He can't blame the pension liability on shareholders, he's got to bear full responsibility.

Insolvency, bring it on, let's see the accounts.

[holts] 07/2/2013 08:05

I think we can R.I.P this one now, hopefully those employed will get to keep being employed but shareholders can forget it.

[isalolly] 04/2/2013 15:46

Nat Rothschild interview

[isalolly] 04/2/2013 15:32

No news since the Jan 10th RNS, "The Company also confirms that whilst those discussions are not yet concluded, it is in discussions with third parties regarding the sale of the operating divisions, Cosalt Offshore and Cosalt Workwear".

It's fairly quiet here. so here is my own RNS for anybody not using the private site.

LSE still blocking Cosalt chat.

Rav, already blocked from posting on iii, receives total gagging order from lawyers (can't say any more than that on that subject otherwise there'll be one coming my way).

The rest is IMHO backed with some verifiable facts as I must say now in public.

The value of Cosalt Offshore hinges on the contracts it holds. The Wood/PSN contract is up for renewal during February. Last time round it was worth £18M over 3 years.

That's a big contract, why would a competitor (ATR or anybody else) fork out anything now not knowing whether that was part of the sale? Is it already won or lost?

We would appear to have lost the Cosalt Norway Subsea7 contract to a local company in Stavanger. That contract was agreed 3 years ago, a 2 year contract at the time with options to extend. If we've lost all of Subsea 7 and we lose Wood, why would a competitor take on offshore? Much as I hate to say it, they may as well let it drift and die, pick up the contracts themselves and take on our technicians.

Cosalt's only hope is to win new contracts and renewals, that will add value. Are we even tendering for them?

2010 Subsea7 deal 21/1/10,

24/1/13 announcement from Westcon Løfteteknikk,

As I understand it also, the 2nd ACE winch was acquired for use in Norway, redundant now? Kandahar can hire it out to whoever wants it, Cosalt gets nothing other than release from the hire agreement.

Apologies for the depressing tone.

News flash over,

DH

[isalolly] 04/2/2013 15:30

My tweet 16th October 2012, no response, perhaps you'd like to try again?

DHunter ‏@div_hunter

"Nat Rothschild's Bumi resignation letter via @Telegraph Good man Nat. Any chance you'd consider being a NED at Cosalt?"

[srpactive] 04/2/2013 08:40

Mr Nat Rothschild on cnbc again this morning, talking alot of sense.

Wish he could help here, could we link to bumi rav?

regards

active

[isalolly] 02/2/2013 19:36

Nat Rothschild, Co-founder of Bumi stepped up the bitter battle for control of the Indonesia-focused miner, attacking both the board for its inaction and CEO Nick von Schirnding for "embellishing his CV."

"He is not at all qualified to be the CEO of a global mining company, not just because he tried to make himself more well-qualified by embellishing his CV last week. It's staggering that there are board members who for two years have been so vociferous in their objections to me, against me raising the subject of bad corporate governance at the company. This is the collective responsibility of the board and I seem to be the lone voice in trying to deal with the serious issues at hand," Rothschild told CNBC.

Rebutting the accusations, Nick von Schirndling placed the blame for the company's woes firmly at Rothschild's door. He insisted he had plenty of experience in mining, adding he had "no idea" why Rothschild accused him of embellishing his CV.

Von Schirndling told CNBC there was no personal acrimony between himself and Rothschild.

"I've had 25 years of financial and operating experience. This company is in a total mess and that mess was created when Nat Rothschild bought the structure to the London market. He gave control of the Plc to the Bakries and that was a flaw. We are trying to sort this out and removing the Bakries," von Schirnding told CNBC.

The split between the two shareholders, Nat Rothschild and the Bakrie family, have grown increasingly acrimonious after a series of high-profile disagreements at the London-listed miner since their union in 2010.

Bumi's share price has suffered from the ensuing fallout, plunging 25 percent in 2012 on news that there were "financial irregularities" at PT Bumi Resources, in which Bumi owns a 29 percent stake.

The company announced earlier this month that it lost $632 million in the nine-months to September 2012 on the back of substantial derivatives losses. Operating profit slumped 60 percent for the period to $312 million.

Rothschild's latest plan to revive the company includes a revamp of the board of directors and the removal of 12 out of 14 directors.

Rothschild also attacked the appointment of Eko Budianto as chief executive at Berau Coal, a company that is majority-owned by Bumi. Rothschild claimed Budianto was "unfit and had a chequered reputation" adding he "had no mining experience whatsoever."

"You have to contrast Budianto with others...he has no operational mining experience whatsoever, he has worked with the Bakrie concert party for three years and his ties with the family go back ten years," Rothschild said.

A "concert party" refers to a group of shareholders that buys shares with the aim of influencing or taking control of a company.

Bumi said it will hold an extraordinary general meeting on February 21 to vote on Rothschild's proposals with the unanimous recommendation that all proposals are opposed.

Bumi's London-listed shares traded down 3.3 percent on Tuesday morning.