Cosalt offer period ends
DAVID Ross’s offer for Cosalt closed yesterday with the company’s chairman now set to delist the business from the stock market.
Mr Ross already owned 43.5% of the shares in the industrial and offshore safety products business and a further 12.5% of shareholders have accepted the deal.
The offer had been declared unconditional on January 10 but the formal offer closed yesterday.
“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,” Redhall said in a statement.
“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.”
Mr Ross, the co-founder of Carphone Warehouse, initially offered 0.1p per share, valuing the Grimsby-based company at around £400,000, but then increased that to 0.2p.
A team from law firm Pinsent Masons in Leeds has been advising Cosalt on the offer by Mr Ross and the delisting.
