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Cosalt warns shareholders may get nothing in business sell-off
OIL services firm Cosalt, chaired by Carphone Warehouse founder David Ross, yesterday warned shareholders they would be unlikely to receive anything if its operating businesses were sold off.
The firm confirmed it was in talks with third parties over the sale of both Cosalt Offshore and Cosalt Workwear, but warned “it is unlikely there would be any value attributable to shareholders due to the level of the group’s net indebtedness and pension scheme liabilities.”
Cosalt, which has a pension deficit of around £9m, said at the end of last year that its debts were around £17m.
“The directors remain focused on reaching a solution which will ensure the long term future of both operating businesses,” it said in a statement.