Result of EGM

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Cosalt plc ("Cosalt" or "the Company")

Result of General Meeting

The Board announces that the Resolution proposed at the General Meeting today to approve the proposed Disposal of subsidiaries comprising the Marine Business was duly passed without amendment by the required majority on a show of hands.

Further details of the Resolution are set out on page 54 of the circular ("Circular") published by Cosalt on 2 June 2011 and available to view on the Company's website http://www.cosalt.com/investors.ashx. The full text of the Resolution is also available from the head office of the Company at Origin 4, Genesis Park, Origin Way, Europarc, Grimsby, N.E. Lincolnshire DN37 9TZ, during normal business hours and will also shortly be submitted to the National Storage Mechanism, where it will be available for inspection at http://www.hemscott.com/nsm.do.

A total of 154,249,398 proxy votes (representing 99.92% of total votes cast) were lodged in favour of the Resolution, with 130,380 proxy votes lodged against (0.08% of total votes cast). A total of 63,963 votes cast were withheld.

Before formal completion of the Disposal takes place, various other conditions precedent, such as those outlined on page 9 of the Circular, need to be satisfied. The timetable to Completion remains as outlined in the Circular, with Completion expected to take place on or before 22 July 2011.

General notes:

Any proxy appointments which gave discretion to the Chairman of the General Meeting or a third party have been included in the 'for' total above. A 'vote withheld' is not a vote in law and is not counted in the calculation of the proportion of the votes 'for' or 'against' a resolution. This announcement should be read in conjunction with the full text of the Circular. Capitalised terms used, but not defined, in this announcement have the same meanings as given to them in the Circular. 

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Important notice

Evolution Securities Limited, which is authorised and regulated in the United Kingdom by the FSA, is acting exclusively for the Company and no-one else in connection with the Disposal and will not be responsible to anyone other than the Company for providing the protections afforded to clients of Evolution Securities Limited nor for giving advice in relation to the Disposal or any other matters referred to in this announcement.

Hawkpoint Partners Limited, which is authorised and regulated in the United Kingdom by the FSA, is acting exclusively for the Company and no-one else in connection with the Disposal and will not be responsible to anyone other than the Company for providing the protections afforded to clients of Hawkpoint Partners Limited nor for giving advice in relation to the Disposal or any other matters referred to in this announcement.

The release, publication or distribution of this announcement in jurisdictions other than the United Kingdom may be restricted by law and therefore persons into whose possession this announcement comes should inform themselves about, and observe, any applicable restrictions or requirements. Any failure to comply with such restrictions may constitute a violation of the securities laws of any such jurisdiction. This announcement has been prepared for the purposes of complying with English law and the Listing Rules and the applicable rules and the information disclosed may not be the same as that which would have been disclosed if this document had been prepared in accordance with the laws and regulations of any jurisdiction outside of England and Wales. The statements contained in this announcement are made as at the date of this announcement, unless some other time is specified in relation to them, and publication of this announcement shall not give rise to any implication that there has been no change in the facts set forth herein since such date. Nothing contained in this announcement shall be deemed to be a forecast, projection or estimate of the future financial performance of the Company, the Cosalt Group, the Continuing Group or the Marine Business except where otherwise stated.