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('Cosalt' or the 'Company')
EXTENSION OF SHORT TERM CREDIT FACILITY
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.
Trevor Sands, Chief Executive Officer
Tel: +44 (0) 1472 725560
Cardew Group Tel: +44 (0) 207 930 0777
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