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(CSLT.L) Cosalt PLC Buy/Sell
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| Date/Time | Headline | Source |
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| 19-02-10 | RNS |
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RNS Number : 3771H Cosalt PLC 19 February 2010 Cosalt plc ("Cosalt") Cosalt Offshore wins major Aker Solutions contract extension Cosalt, the leading provider of critical safety equipment and services for the Offshore Oil & Gas and Marine industries, announces that its Offshore division has been awarded a three-year contract extension by Aker Solutions' subsidiary, Aker Offshore Partner Ltd ("Aker Solutions"), worth around £1million per year. The contract involves Cosalt Offshore fulfilling all Aker Solutions' tooling and lifting equipment requirements in the North Sea. The deal is for three years with options to extend for a further two years. Mark Lejman, Chief Executive of Cosalt, commented: "We are delighted that Aker Solutions has renewed its agreement with Cosalt Offshore. This is the latest in a series of multi-million pound, long-term deals that we have secured and underpins our ongoing growth strategy in the North Sea." 19 February 2010 Enquiries:
Calum Melville, Chief Executive, Cosalt Offshore
Adam Aljewicz Mark Garraway Notes to Editors: Cosalt are the leading safety and workwear company in the Industrial, Marine and Offshore Oil and Gas markets. The company has a proud history of providing vital services and bespoke life saving and industry workwear to people exposed to hostile work environments. Cosalt Offshore has a pan-North Sea network with 300 personnel based in Aberdeen and a further 110 at its operations in Stavanger and Lowestoft. Cosalt Offshore has been awarded a number of long-term, multi-million pound contracts recently with clients including PSN, BP and Subsea 7. For more information, visit: www.cosalt.com This information is provided by RNS The company news service from the London Stock Exchange END
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| 05-02-10 | RNS |
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RNS Number : 7698G Cosalt PLC 05 February 2010 For filings with the FSA include the annex For filings with issuer exclude the annex TR-1: NOTIFICATION OF MAJOR INTEREST IN SHARESi
attached:ii
2 Reason for the notification(please tick the appropriate box or boxes):
An acquisition or disposal of qualifying financial instruments which may result
in the acquisition of shares already issued to which voting rights are attached
An acquisition or disposal of instruments with similar economic effect to
qualifying financial instruments
An event changing the breakdown of voting rights
Other (please specify):
notification obligation:iii
(if different from 3.):iv
which the threshold is crossed or
reached:v
reached:vi, vii
8. Notified details:
A: Voting rights attached to sharesviii, ix
if possible using
the ISIN CODE
Ordinary
B: Qualifying Financial Instruments
Resulting situation after the triggering transaction
N/A N/A N/A N/A N/A
C: Financial Instruments with similar economic effect to Qualifying Financial Instrumentsxv, xvi
Resulting situation after the triggering transaction
Total (A+B+C)
9. Chain of controlled undertakings through which the voting rights and/or the financial instruments are effectively held, if applicable:xxi N/A
Proxy Voting:
to hold:
voting rights:
Note: Annex should only be submitted to the FSA not the issuer Annex: Notification of major interests in share
A: Identity of the persons or legal entity subject to the notification obligation
(at least legal representative for legal persons)
B: Identity of the notifier, if applicable
(e.g. functional relationship with the person or legal entity subject to the notification obligation) C: Additional information N/A For notes on how to complete form TR-1 please see the FSA website. This information is provided by RNS The company news service from the London Stock Exchange END
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| 02-02-10 | RNS |
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This news article is displayed preformatted as it may contain results tables
RNS Number : 5125G
Cosalt PLC
02 February 2010
Cosalt plc("Cosalt" or "the Group") A year of consolidation and firm foundations for future development Preliminary results for the 53 weeks ended 1 November 2009
Cosalt, www.cosalt.com, the leading provider of critical safety equipment and services for the Offshore Oil & Gas and Marine industries, announces its full year results for the 53 weeks to 1 November 2009.
Summary Results (From Continuing Operations)
2009 2008
Revenue
Offshore £44.23m £41.85m
Marine £63.60m £63.16m
Total £107.83m £105.01m
Operating profit*
Offshore £5.32m £8.34m
Marine £4.86m £2.09m
Head Office Costs £(1.61)m £(0.93)m
Total £8.57m £9.50m
Profit before tax* £5.49m £7.23m
Earnings per share* 4.20p 7.71p
*Figures before special items relating to gains and losses on disposal of surplus properties and revaluation of investment properties, amortisation of acquisition intangibles, and exceptional costs relating to reorganisation, redundancy, re-banking, abortive acquisitions and share based payment and LTIP costs.
Strategic & Operational Highlights
Key objectives met for restructuring the business:
· Schoolwear and Holiday Homes businesses exited
· Group's long-term capital structure addressed with the raising of £17 million net
· A greater focus on executing our core strategy
Ongoing market focus:
· Products and Services Portfolio extended
· Long term resilience of business model underpinned by regulatory drivers
· Number of key contracts won and extended including:
o A three year contract extension with PSN worth £18 million
o A three year contract win with BP worth £1.5 million per annum
o A three year contract with Subsea7 in Norway
Other Actions:
· Reduction in net debt to £18.6 million (2008 £26.8 million)
· Pension scheme issues being addressed
· Annualised cost savings of £3 million already implemented; further action being taken in 2010
David Ross, Chairman of Cosalt, commented:
"Last year was one of consolidation for our core businesses. As a result of our fundraising in August we have established a stable platform from which to take the business forward. The Group continues to make progress towards its strategic objective of becoming a specialist provider of critical safety equipment and services for the Offshore and Marine industries."
2 February 2010
ENQUIRIES:
Cosalt plc Tel: 020 7457 2020 (Today)
Mark Lejman, Chief Executive Tel: 01472 504 504 (Thereafter)
Mike Reynolds, Finance Director
College Hill Tel: 020 7457 2020
Adam Aljewicz
Mark Garraway
CHAIRMAN'S STATEMENT
Overview
I am pleased to report that, the Group continues to make progress towards its strategic objectives of becoming a specialist provider of critical safety equipment and services for the Offshore and Marine industries.
In August we announced a placing and fundraising to raise, £17 million, net of expenses, which has provided the Group with financial stability and security to conduct its business and enable us to pursue our strategy.
Since our exit from the Holiday Homes business in November 2008, we have focussed on our core activities and aim to establish Cosalt over the longer-term in the international Offshore and Marine sectors. Given the geographical proximity between our European branch network and recent franchise awards for the Offshore renewable energy sector we are hopeful we can offer our existing services into this growing Offshore activity.
In May, the Company entered into an agreement with Bridon International Limited, a major specialist wire rope manufacturer, to develop and expand its Aberdeen based activity serving the UK North Sea Offshore Sector. Since the year end we have alsosecured a number of key contracts in both the Offshore and Marine divisions. The Group's development will continue to be driven primarily by organic growth across both divisions where there remains scope for us to increase our market share.
Results & Financing
As previously reported, conditions in the Group's markets became more difficult over the course of 2009. In the Oil and Gas sectors, the falling oil prices at the beginning of 2009 prompted customers to defer spending. Similarly in the Marine sector, port activity and the volume of container traffic (particularly in Northern Europe) reduced. Market conditions in both the Offshore and Marine sectors in the first half of 2010 continue to prove challenging.
Group turnover from continuing operations for the year was £107.8 million (2008: £105.0 million), a 2.8% increase.
Headline operating profit from continuing activities was £8.6 million (2008: £9.5 million) while corresponding headline earnings per share were 4.2p (2008: 7.71p). Statutory loss for the period was £2.6 million (2008:£24.8 million) with corresponding loss per share of 2.93p (2008: Loss 32.52p)
Following the approval of the Placing and Open Offer and Firm Placing at the General Meeting on 1 September 2009, the Group received net proceeds of £17 million which enabled it to reduce net indebtedness and achieve a more stable, long term funding structure. The strengthened financial position of the Company will facilitate the long term implementation of the Group's strategy. Net debt at November 2009 stood at £18.6 million (2008: £26.8 million).
The Company issued 180,000,000 New Ordinary Shares through the Placing and Open Offer and 198,000,000 New Ordinary Shares through the Firm Placing at a price of five pence per New Ordinary Share.
We continue to manage our cost base down and cash management remains a priority. We have implemented a cost reduction programme across the Group which delivered net savings of approximately £1 million during the last financial year and annualised savings of £3 million. In addition to this, further cost cutting is being implemented in 2010.
Dividend
The Board has concluded that the current priority must be to conserve cash, and maintain a robust financial base from which to pursue the Group's strategy and increase shareholder value. Accordingly, it is not recommending a final dividend be paid. The Board will continue to review its dividend policy on a regular basis, and will take account of the trading and strategic priorities, in considering the level of future dividends.
Pensions
The Group's defined benefits pension scheme was closed to future accrual on 31 December 2006 and active members were transferred into a stakeholder defined contribution plan. The deficit in the pension scheme according to International Accounting Standards has risen to £11.8. million (2008: £6.3 million), largely as a result of falling bond yields. Addressing the pension deficit is of primary importance for the Group.
Board & Management
During the course of the year we have made three new additions to the Board. Calum Melville, currently responsible for our Offshore division, joined the Board as an Executive Director. We also appointed two new non executive directors. Maurice White is a mechanical engineer with a wealth of experience in the Oil and Gas Industry, and Simon Gilbert who has worked in a number of operational and investing roles and is a Managing Partner with Hanover Investments. I was re-appointed as Chairman, replacing David Hobdey who stepped down from the Board in November 2009. John Kelly, who was Chairman of the Group between 2005 and 2008 retired in January 2010 after 22 years with the Group. On behalf of everyone at Cosalt I would like to thank David and John for the contribution they have made to the Group.
Current Trading & Outlook
Last year was one of consolidation for our core businesses and above all, we established a strong platform from which to develop the business. The Group is now focused on building its core critical safety equipment and services activities. We continue to make progress in establishing Cosalt as a specialist provider of critical safety equipment and services for the Offshore and Marine industries.
The market environment continues to be challenging as our customers delay investment decisions. However, we have taken action to reduce costs in response to the resulting lower revenues. Importantly, we have been successful in renewing and winning a number of new contracts which will contribute to an improvement in trading in the second half of the year.
David RossChairman2 February 2010 CHIEF EXECUTIVE'S REVIEW
Strategy
I am pleased to report that we continue to benefit from the implementation of our strategy to become a specialist provider of critical safety equipment and services for the highly regulated Offshore and Marine Industries.
Through our two core divisions, Offshore (Oil and Gas) and Marine (Commercial & Cruise), the Company has developed a reputation for quality and reliability, and we have made great strides in targeting companies in highly regulated industries overseen by national governments and a common international platform. We work closely with advisory regulators such as the International Maritime Organisation (IMO).
Globally, the Offshore and Marine sectors we serve have an annual worth of approximately £4.5 billion and £1 billion respectively. Working within the frameworks of these markets is expected to underpin the Company's growth prospects going forward.
We are building a high quality blue-chip customer base and focusing on larger operators who are increasingly wishing to work with fewer contractors on a longer-term partnership basis, in order to meet their global needs. In meeting our customers' needs with their own development plans we are broadening our existing product range.
Today, Cosalt is predominantly a European operator but as our markets improve and our customers seek to extend their geographic reach then we will have the opportunity to support them in their expansion through the provision of products and services.
Not only are we looking to expand our product and service offering but, due to the fragmented nature of the industry, we are also looking for opportunities to identify and make selective value enhancing moves to bolster our business portfolio. In addition, we intend to expand our businesses into emerging markets wherever they fit in with our core areas of expertise.
Operations
Cosalt Offshore
Cosalt Offshore reported turnover of £44.3 million (2008: £41.8 million) and operating profit before special items of £5.3 million (2008: £8.3 million) for the year.
Cosalt Offshore operates out of three sites - Aberdeen, Stavanger and Lowestoft - and this gives us a pan-North Sea network of service and rigging centres. The division supplies, inspects, tests, maintains and manages a wide range of safety equipment from portable lifting equipment to lifeboats and liferafts. We also supply and service powered hand tools, Drager gas detection and breathing apparatus, working at height equipment and provide inspections on offshore fixed platforms and portable rigs.
We have experienced difficult trading conditions in the North Sea Oil and Gas sector over the past 12 months, with most clients tightening their investment commitments, particularly on capital expenditure projects. We have introduced new services to our client base such as wire rope and lifeboat services and this is going some way to make up for the shortfall in traditional business.
The division has been awarded a number of contracts including a three-year contract with BP, worth up to £4.5 million a year, to supply all lifting equipment to BP and its subcontractors in the North Sea. We have also secured a three-year extension to our existing contract with CNR for lifting and inspection services in the North Sea and a one-year contract for crane inspection services with Subsea7 in Norway. We have also agreed a three year contract extension with PSN, our largest customer, worth up £18 million to supply lifting and tooling equipment in the North Sea. Group revenue increased in the year as a result of a full year's trading of the Norwegian acquisition. Margins were however, impacted as drilling projects were curtailed.
We launched Funis Veritas, a wire rope integrity management system, which complements our new business with Bridon International and includes the supply of specialist wire ropes. The initial response to this system, which monitors and controls the through-life integrity of large wire ropes, has been very positive with orders for both the management system and wires already in place.
Market conditions in 2010 are expected to continue to be challenging, however our product and service offering should give us an advantage over our competitors to secure new contracts in 2010, whilst cost reductions will form an important factor in maintaining profitability.
Cosalt Marine
The Marine Division delivered turnover of £63.6million (2008: £63.2 million) and operating profit before special items of £4.9 million (2008: £2.1 million) through a number of significant contract wins and contract renewals.
The division, which comprises four main business units, namely UK Marine, Continental Marine, Crewsaver and Workwear, has a particular focus on regulated and legislated safety.
Cosalt Marine secured and extended major contracts within all business areas including Netherlands MOD, UK MOD lifejackets and buoyancy aids, further cruise vessel lifejacket and liferaft hire contracts, a two year extension with Network Rail for hi-visibility workwear, and a three year contract with Babcock Rail for hi-visibility workwear. Additionally, the division won several other new contracts within the marine and industrial sectors that have excellent potential for further development.
During the year we launched several key new products in the marine sector including Crewsader designed inherent and inflatable lifejackets. The recently introduced Sea-Crewsader lifejacket achieved particular success in the North Sea offshore market and the new Premier 2010 lifejacket aimed at the cruise and ferry market won a Safety at Sea innovation award. This product was introduced to the market with advanced orders in line with the Board's expectations. In the coming year, Crewsader is launching a new range of Crewfit 190N single and twin chamber inflatable lifejackets. These products have already been well received by both customers and distributors.
Our Workwear business has developed a number of new products including hi-visibility clothing for use on the UK rail network and Police public order clothing. It is currently working on a number of key competitive tenders including several major fire clothing fully managed service contracts, and we are looking to develop our product range offering across all business sectors. In particular, we are aiming to expand our lifeboat and fire equipment servicing on the continent and our existing liferaft hire contracts. We are also looking to secure the supply of new safety equipment to the cruise and ferry market with our new product designs and proven service model, we are well placed to secure further new business.
In Marine, whilst shipping activity is still low, this is, in part, compensated by increased demand for Crewsader branded products and some signs of renewed activity on UK lifting projects.
The actions which are being taken to align the cost base with current trading conditions will support the profitability of the Company in anticipation of an upturn in market activity.
Summary
We have achieved a number of key objectives over the past 12 months, in particular exiting from the Company's legacy businesses; strengthened the Group's management team; focussed our long-term strategy; and addressed the Group's optimal long-term financing structure.
Although there is still much to do, we are now a more streamlined business, with a much improved capital structure and despite the challenging market conditions we can look to the future with momentum in our chosen market sectors. We are now well positioned to implement the next phase of our strategic development and I look forward to reporting on further progress in due course.
Mark Lejman
Chief Executive
2 February 2010
Consolidated income statement
for the 53 weeks ended 1 November 2009
Before After Before After
special items Special items* special items special items Special items* special items
53 weeks ended 53 weeks ended 53 weeks ended 52 weeks ended 52 weeks ended 52 weeks ended
1 Nov 2009 1 Nov 2009 1 Nov 2009 26 Oct 2008 26 Oct 2008 26 Oct 2008
£000 £000 £000 £000 £000 £000
Revenue 107,827 107,827 105,007 - 105,007
Operating profit 8,568 (7,086) 1,482 9,498 (5,025) 4,473
Financial income 18 - 18 89 - 101
Financing costs (3,092) (1,758) (4,850) (2,354) (718) (3,072)
Profit (Loss) before taxation 5,494 (8,844) (3,350) 7,233 (5,743) 1,490
Income tax (expenses) / credit (1,785) 2,548 763 (1,347) 476 (871)
Profit/(loss) from
continuing operations 3,709 (6,296) (2,587) 5,886 (5,267) 619
Post-tax (loss) of
discontinued operations - - - (25,461) - (25,461)
Profit (Loss) for the 3,709 (6,296) (2,587) (19,575) (5,267) (24,842)
financial period
Earnings per share - total
operations
Basic 4.20p (2.93p) (25.62)p - (32.52)p
Diluted 4.17p (2.93p) (25.62)p - (32.52)p
Earnings per share - continuing
operations
Basic 4.20p (2.93p) 7.71p - 0.81p
Diluted 4.17p (2.93p) 7.70p - 0.81p
* Special items relate to gains and losses on disposal of surplus properties and revaluation of investment properties, amortisation of acquisition intangibles, and exceptional costs relating to reorganisation, redundancy, re-banking, abortive acquisitions and share based payment and LTIP costs.
Consolidated balance sheet
as at 1 November 2009
As at
As at
1 Nov 09 26 Oct 08
£000 £000
ASSETS
Non-current assets
Intangible assets - goodwill 34,581 33,059
Intangible assets - customer contracts and 16,226 18,429
relationships
Intangible assets - computer software 1,100 894
Investment properties 3,540 3,100
Property plant and equipment 9,402 9,580
Investments 350 2,728
Deferred tax assets 4,477 2,588
69,676 70,378
Current assets
Inventories 18,887 19,384
Trade and other receivables 22,300 27,400
Corporation tax recoverable 1,976 -
Derivative financial assets 35 622
Cash and cash equivalents 1,493 2,171
44,691 49,577
Total assets 114,367 119,955
LIABILITIES
Non-current liabilities
Interest bearing loans and borrowings 16,253 27,616
Deferred tax liabilities 4,559 5,166
Deferred Government grants 6 7
Provisions - 73
Retirement benefit obligations 11,759 6,280
32,577 39,142
Current liabilities
Interest bearing loans and borrowings 3,869 1,373
Corporation tax payable 1,601 1,363
Provisions 177 42
Trade and other payables 25,721 40,099
Derivative financial liabilities 1,018 381
32,386 43,258
Total liabilities 64,963 82,400
Net assets 49,404 37,555
EQUITY
Share capital 10,336 6,587
Share premium account 48,115 34,558
Merger reserve 7,586 7,586
Other reserves 1,148 1,148
Translation reserve 2,669 857
Hedging reserve (983) 241
Retained earnings (19,467) (13,422)
Total equity attributable to equity holders of the 49,404 37,555
parent
Consolidated cash flow statement
for the 53 weeks ended 1 November 2009
53 weeks 52 weeks
ended ended
1 Nov 09 26 Oct 08
£000 £000
Cash flows from operations
(Loss) for the period (2,587) (24,842)
Adjustments for:
Income tax expense (763) (945)
Depreciation 2,213 4,931
Amortisation of intangible assets 3,768 2,691
Deferred government grants released (1) (14)
Net finance costs 4,832 2,983
Share based payment charge/(credit) 56 (28)
Investment property Losses 335 800
Pension contributions in excess of charge (1200) (680)
Loss on disposal of property, plant and equipment (49) 2,579
Loss on disposal of subsidiary undertakings - 9,161
Cash flow before changes in working capital and 6,702 (3,364)
provisions
(Increase)/decrease in inventories 497 (3,330)
Decrease in trade and other receivables 5,100 1,696
(Decrease)/increase in trade and other payables (14,378) 6,687
Increase in provisions (62) 2,735
Net cash from operations (2,017) 4,424
Interest received 179 161
Interest paid (4,335) (2,748)
Interest element of finance lease rentals (55) (31)
Dividends paid on preference shares (4) (4)
Income tax (2038) (1,261)
Net cash from operating activities (8,270) 541
Cash flows from investing activities
Acquisition of subsidiaries net of cash acquired - (11,198)
Proceeds from sale of subsidiary undertakings 1,896 2,000
Sale of investments 150 250
Proceeds from sale of property, plant and equipment 1,104 48
Purchase of property, plant and equipment (2,488) (4,100)
Purchase of intangible assets - software (665) (416)
Net cash outflow in investing activities (3) (13,416)
Cash flows from financing activities
Dividends paid to Shareholders - (2,462)
Finance lease principal payments (447) (534)
Exercise of share options and share placings 17,330 2,901
New loan 36,920 27,171
Repayment of bank borrowings (46,366) (980)
Net cash from financing activities 7,437 26,096
Net increase/(decrease) in cash and cash equivalents (836) 13,221
Cash and cash equivalents at beginning of period 2,171 (11,179)
Effects of exchange rate fluctuations on cash held 158 129
Cash and cash equivalents at end of period 1,493 2,171
Cash 1,493 2,171
Overdrafts - -
Cash and cash equivalents 1,493 2,171
Notes to financial statements
1 Significant accounting policies
Cosalt plc (the 'Company') is a company domiciled in England. The Consolidated financial statements of the Company for the year ended 1 November 2009 comprise the Company and its subsidiaries (together referred to as the 'Group'). The Parent Company financial statements present information about the Company as a separate entity and not about its Group.
The financial statements were authorised for issue by the Directors on 2 February 2010.
2 Segment reporting
The Group is organised into two main business segments: Marine and Offshore.
The primary segment reporting format is determined to be Business as the Group's risks and returns are predominantly affected by differences in the products and services provided by these different activities.
The operating business segments are organised and managed separately.
53 weeks ended 1 Nov 09
Continuing operations
Marine Offshore Head Office/ Total
unallocated
£000 £000 £000 £000
Revenue 63,603 44,224 - 107,827
Operating profit/(loss) before 4,860 5,317 (1,609) 8,568
special items
Special items (1,682) (963) (4,441) (7,086)
Operating profit /(loss) 3,178 4,354 (6,050) 1,482
Total assets 45,830 62,850 5,687 114,367
Total liabilities (13,515) (14,750) (36,698) (64,963)
Total net assets 32,315 48,100 (31,011) 49,404
Capital expenditure 2,179 760 56 2,995
Depreciation 1,447 750 65 2,262
Amortisation of intangible 1,680 2,082 6 3,768
assets
Continuing operations 52 weeks ended 26 Oct 2008
Discontinuing operations
Head office/ Holiday
Marine Offshore unallocated Total Schoolwear Homes Total
£000 £000 £000 £000 £000 £000 £000
Revenue 63,161 41,846 - 105,007 5,958 37,148 148,113
Operating profit/(loss)
before special items 2,095 8,336 (933) 9,498 (2,552) (14,940) (7,994)
Special items (455) (150) (4,420) (5,025) - - (5,025)
Operating profit /(loss) 1,640 8,186 (5,353) 4,473 (2,552) (14,940) (13,019)
Total assets 36,230 29,526 52,490 118,246 - - 118,246
Total liabilities (22,999) (11,608) (46,131) (80,738) - - (80,738)
Total net assets 13,231 17,918 6,359 37,508 - - 37,508
Capital expenditure 1,532 1,560 188 3,280 12 808 4,100
Depreciation 1,762 927 117 2,806 102 2,023 4,931
Amortisation of intangible 1,388 1,206 7 2,601 26 64 2,691
assets
* Unallocated assets and liabilities principally represent investment properties, taxation, dividends, and
pension scheme liability.
The financial information set out above does not constitute the Company's consolidated statutory accounts for the periods ended 1 November 2009 or 26 October 2008 but is derived from those accounts. Statutory accounts for the 52 weeks ended 26 October 2008 have been delivered to the Registrar of Companies, and those for the 53 weeks ended 1 November 2009 will be delivered following the Company's Annual General Meeting. The auditors have reported on those accounts; their reports were unqualified and did not contain statements under section 498 (2) or (3) (2008 -Section 237 (2) or (3) of the Companies Act 2006 (2008 - Companies Act 1985).
This information is provided by RNS
The company news service from the London Stock Exchange
END
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| 06-01-10 | RNS |
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RNS Number : 1375F Cosalt PLC 06 January 2010 Cosalt PLC ("Cosalt" or the "Company") Board Changes The Board of Cosalt PLC confirms the following changes to the Board, all with immediate effect.
Mr White is a mechanical engineer with over 30 years experience in the Oil and Gas Industry principally with Abbot Group Plc where he held a number of Executive positions including Chief Operating Officer and during which period the Group grew from a UK based business to operating in Twenty different countries worldwide. Mark Lejman, Chief Executive Officer, commented: "The Board is grateful to John Kelly who served Cosalt successfully for over 22 years including the post of Chairman from 2005-2008. He has seen the company develop from a regional UK Services business into an International Group. The Board is also pleased to welcome Maurice White who has extensive knowledge and experience in the service sector of the Oil and Gas Industry, a market Cosalt aims to develop further internationally." 6 January 2010
Enquiries:
Mark Lejman, Chief Executive Officer Mike Reynolds, Chief Financial Officer
Mark Garraway Adam Aljewicz This announcement is made pursuant to paragraph 9.6.14 of the Listing Rules. Mr White has held a directorship in a public quoted company on the London Stock Exchange in the last five years. There are no details in respect of Listing rule 9.6.13(2) to (6). This information is provided by RNS The company news service from the London Stock Exchange END
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Environment Agency to trial new Crewfit Lifejacket
============================================ The Environment Agency, a long-standing client of Cosalt and its subsidiary company Crewsaver, is set to trial the new Crewfit 190N lifejacket. Practical demonstrations will take place next month before a number of jackets are sent out for field trails with Environment Agency staff. Launched at the end of 2009, the new Crewfit 190N incorporates a number of cutting edge design features. Compact, lightweight and extremely comfortable to wear, the product offers exceptional performance in the most demanding environments while remaining stylish and hardwearing. It has been designed to outperform both the existing legislation and the newly introduced standard BSEN ISO 12402. The news of the Environment Agency's interest in the Crewfit 190N comes on the back of Cosalt and Crewsaver securing major contracts with the organisation in 2009. The agreements to supply operational staff with lifejackets and a range of workwear were renewed for a further three years, further strengthening a relationship that extends back to the 1990s. Cosalt's new workwear contract covers the supply of thousands of foul weather coats and over trousers, windstopper fleeces and lightweight Goretex® soft shell jackets, all in the Environment Agency's distinctive green branding. The company is currently working with Environment Agency staff to trial improvements to the design of its Goretex® foul weather coats. Depending on their deployment, Agency staff are also issued with either a manual or automatic Crewfit 150N lifejacket for inland waterways and river work or a single or twin chamber Crewfit 275N lifejacket for coastal operations. If the trials of the Crewfit 190N are successful it will most likely be phased in over time to replace the Crewfit 150N jackets. All lifejackets are supplied with a full service contract. Crewsaver also run care and maintenance courses to train dedicated Environment Agency staff in how to check and rearm lifejackets between the normal 12-month service intervals. |
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Nice to see lots of optimisum(wrong spelling?) on this board. I sold my cslt shares out of my Marketmaster at a loss of 28% and then rebought into my Isa. My MM a/c now looks a lot better and my Isa is only down 1.5%! I dont know why I didnt think of this tax saving wheeze before! I quite like the cslt product and feel that with lots of patience and a following wind I might just get back my 28% and it will be tax free!! The sp has only got to get to 14p and the profits start rolling in! After all if its good enough for MT (nearly as cynical as me) then Im going to hang in there too.
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am sure we would all vote down a 20p takeover bid at 100%+ premium to today's price.
I'd take 20p thankyou very much. Not all CSLT investors are speculators some of us have it a small holding looking for long term growth. I'm happy to see what the new contract wins bring to the bottom line. 35p does look optimistic IMHO but I think the company will grow steadily from here. |
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"You dont think an entire company sale or partial sale likely ?"
What a disaster that would be. I am sure that we are all in for the long term and are keen to allow the 'second-to-none' managers of Cosalt see the job through. And as the shares are apparently worth 35p, according to some here, I am sure we would all vote down a 20p takeover bid at 100%+ premium to today's price. Mind you, it is all Lombard Street to a China orange that there won't be such a bid. I wonder why you suppose that it might be? I was looking over my shares today and wondered why I still bothered with this one. Laziness in part, also disinclination to pay broker fees, the possibility that any dog might have its day in the end, and the so-what feeling that you get when any share is well below 1% of your portfolio. Mainly, though, because it pays its way in entertainment value from stuff posted here. |
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