Closure of Offer for Cosalt (5480W)

TIDMCSLT

RNS Number : 5480W

Oval (2245) Limited

01 February 2012

Recommended Increased Offer

for

Cosalt Plc ("Cosalt" or the "Company")

by

Oval (2245) Limited ("Oval")

Closure of Offer

On 10 January 2012, Oval declared the Recommended Increased Offer wholly unconditional in all respects.

The Recommended Increased Offer has now closed and is therefore no longer open for acceptances.

As at 1.00pm on 31 January 2012, Oval had received valid acceptances under the Recommended Increased Offer in respect of 50,508,394 Cosalt Shares, representing approximately 12.48 per cent. of the existing issued ordinary share capital of Cosalt.

Prior to today's announcement, David Ross owned 175,987,779 Cosalt Shares, representing approximately 43.52 per cent. of the existing issued share capital of Cosalt.

Accordingly, Oval now either owns itself or through the interests of David Ross (acting in concert with Oval) or has received valid acceptances, which it may count towards the satisfaction of the acceptance condition, in respect of 226,496,173 Cosalt Shares, representing, in aggregate, approximately 56.01 per cent. of the issued share capital of Cosalt.

As previously notified, now that the Recommended Increased Offer has gone wholly unconditional in all respects it is also the intention of the Company to convene a general meeting of Cosalt Shareholders to seek a delisting of Cosalt Shares and cancellation of Cosalt's admission to the Main Market of the London Stock Exchange.

It is also the intention to seek the re-registration of Cosalt as a private limited company under the relevant provisions of the Companies Act 2006.

Terms defined in the Offer Document and the Recommended Increased Offer Document have the same meaning in this document.

Enquiries:

 
 WH Ireland (financial adviser to          Tel: [phone] 
  Oval)                                     1666 
 James Joyce / James Bavister 
 
 Evolution Securities (financial adviser   Tel: [phone] 
  to Cosalt)                                1619 
 Joanne Lake / Peter Steel 
 
 RLM Finsbury (PR adviser to Oval)         Tel: [phone] 
                                            3801 
 James Leviton 
 
 Cardew Group (PR adviser to Cosalt)       Tel: [phone] 
                                            0777 
 Tim Robertson / Sophie Leigh-Pemberton 
 

WH Ireland Limited, which is authorised and regulated in the United Kingdom by the Financial Services Authority, is acting exclusively for Oval and for no one else in connection with the Recommended Increased Offer and is not advising any other person or treating any other person as its client in relation thereto and will not be responsible to anyone other than Oval for providing the protections afforded to clients of WH Ireland Limited, or for giving advice to any other person in relation to the Recommended Increased Offer, the contents of this announcement or any other matter referred to herein.

This announcement is not intended to and does not constitute an offer to sell, or form part of, or constitute the solicitation of an offer to purchase or subscribe for or an invitation to purchase, any securities.

Copies of all announcements by Oval are available on www.cosalt.com

This information is provided by RNS

The company news service from the London Stock Exchange

END

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