Update 12th June:
FTSE have announced that Cosalt PLC will be deleted from the FTSE All-Small, and FTSE Fledgling indices on 14th June 2012 following it's continued suspension.
At present I have no idea what this actually means for the future of the company, but it does rather seem to go along with David Ross's personal plan to take the company private!
The company, shareholders, and listing authorities should all be studying this situation very closely. Private Shareholders voted against the company being taken private earlier this year, and now the company has refused to publish it's results and therefore gets delisted from the stock exchange.
This whole debacle must now be bordering on illegal.
Watch this space....................
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Update for 1st June:
Another rather pointless RNS regarding the supposed lack of money as follows, basically saying how generous David Ross is and how he is still discussing with himself how to lend himself more money with a high rate of return to himself at the expense of the company; and how the shareholders still can't see the accounts of their own company!:
Further to the announcement on 1 May 2012, the Board of Cosalt has agreed with Oval (a company wholly owned by David Ross) an extension of a further one month, to 30 June 2012, for repayment of the short term £1million credit facility provided by Oval.
As announced on 16 May 2012 in its interim management statement, the Company is continuing discussions with David Ross, and with the Group's pension trustees and its banks to secure a longer term financing solution. Pending a successful conclusion of these discussions, the Group is not yet in a position to publish its Report and Accounts for the 12 months ended 31 December 2011.
The Board is continuing to focus on finding a solution to the longer term finance needs of the Group and will make a further announcement as soon as possible.
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Update 16th May:
Today we have a frankly underwhelming RNS for an Interim Management Statement telling nobody anything at all; basically some waffle saying how bad everything is but with no real facts and figures, and not much else. Is this the warm-up for a pre-pack administration with David Ross getting his own money back from…
