14th Jul 2008 07:00
Cosalt PLC
("Cosalt" or the "Company")
Placing of 1,233,500 new ordinary shares
Cosalt is pleased to announce that it has placed 1,233,500 new ordinary shares in the Company at a price of 240p per share (the "Placing Shares") raising £2.96 million before expenses.
The Placing Shares will rank pari passu in all respects with the ordinary shares in issue and are being placed under the authority taken at the Company's AGM on 19 March 2008.
The placing has been fully underwritten by David Ross and Sovereign Holding Limited, the holding company for the Rappaport family.
The net proceeds of the placing are expected be applied to part fund the acquisition of Myhre-Maritime A/S ("Myhre"), a Norwegian marine safety business, which was announced on 26 June 2008. Completion of the acquisition of Myhre remains subject to the Company finalising the additional debt financing required for the purpose of the acquisition.
Myhre, which is being acquired for up to £12 million, is located in Stavanger, Norway, and will reinforce the Company's already strong position in the North Sea. In the year to December 2007, Myhre recorded a pre-tax profit of GBP1.8 million on turnover of GBP8 million. Gross assets were some GBP4.2 million.
Application will be made for admission of the Placing Shares to the Official List and it is expected that admission will become effective and that dealings will commence at 08.00 a.m. on 18 July 2008.
14 July 2008
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ENQUIRIES: |
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Cosalt PLC |
Tel: 01472 504 504 |
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Mark Lejman, Chief Executive |
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Neil Carrick, Finance Director |
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Kaupthing |
Tel. 0203 205 7500 |
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Graham Swindells |
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Marc Young |
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College Hill |
Tel: 020 7457 2020 |
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Mark Garraway |
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Adam Aljewicz |
Related Shares:
CSLT.L