Cosalt directors step down

THREE non-executive directors have stepped down at Cosalt after chairman David Ross’s offer for the firm was declared unconditional.

The departures of Ken Murray, Maurice White and Yarom Ophir leaves Mr Ross and chief executive Trevor Sands overseeing the company.

Mr Ross said: “I would like to thank Ken, Maurice and Yarom for their contribution to the company over many years and wish them all the best for the future.”

The offer for Cosalt was declared unconditional yesterday after Mr Ross and Oval Limited, the vehicle created for the takeover attempt, were confirmed to have offer acceptances totalling more than 53% of the shares in the company.

Cosalt also confirmed that a £5m borrowing facility from Oval, which expired yesterday, has been replaced by a matching unsecured facility.

Mr Ross has made an offer of 0.2p per share which values Cosalt at around £800,000.