Calendar An icon of a desk calendar. Cancel An icon of a circle with a diagonal line across. Caret An icon of a block arrow pointing to the right. Email An icon of a paper envelope. Facebook An icon of the Facebook "f" mark. Google An icon of the Google "G" mark. Linked In An icon of the Linked In "in" mark. Logout An icon representing logout. Profile An icon that resembles human head and shoulders. Telephone An icon of a traditional telephone receiver. Tick An icon of a tick mark. Is Public An icon of a human eye and eyelashes. Is Not Public An icon of a human eye and eyelashes with a diagonal line through it. Pause Icon A two-lined pause icon for stopping interactions. Quote Mark A opening quote mark. Quote Mark A closing quote mark. Arrow An icon of an arrow. Folder An icon of a paper folder. Breaking An icon of an exclamation mark on a circular background. Camera An icon of a digital camera. Caret An icon of a caret arrow. Clock An icon of a clock face. Close An icon of the an X shape. Close Icon An icon used to represent where to interact to collapse or dismiss a component Comment An icon of a speech bubble. Comments An icon of a speech bubble, denoting user comments. Ellipsis An icon of 3 horizontal dots. Envelope An icon of a paper envelope. Facebook An icon of a facebook f logo. Camera An icon of a digital camera. Home An icon of a house. Instagram An icon of the Instagram logo. LinkedIn An icon of the LinkedIn logo. Magnifying Glass An icon of a magnifying glass. Search Icon A magnifying glass icon that is used to represent the function of searching. Menu An icon of 3 horizontal lines. Hamburger Menu Icon An icon used to represent a collapsed menu. Next An icon of an arrow pointing to the right. Notice An explanation mark centred inside a circle. Previous An icon of an arrow pointing to the left. Rating An icon of a star. Tag An icon of a tag. Twitter An icon of the Twitter logo. Video Camera An icon of a video camera shape. Speech Bubble Icon A icon displaying a speech bubble WhatsApp An icon of the WhatsApp logo. Information An icon of an information logo. Plus A mathematical 'plus' symbol. Duration An icon indicating Time. Success Tick An icon of a green tick. Success Tick Timeout An icon of a greyed out success tick. Loading Spinner An icon of a loading spinner.

Surge in value of Cosalt shares

David Ross: critics
David Ross: critics

Cosalt shares more than doubled in value yesterday in a twist which could put a questionmark over chairman David Ross’s chances of taking the engineering firm private.

Mr Ross’s 0.2p-a-share offer for Cosalt was declared unconditional last month after he gained control of 54% of the shares, but the price jumped by nearly 130% last night from 0.38p to 0.85p.

Mr Ross, who now controls just over 56% of the company, wants to delist Cosalt from the Stock Exchange and shareholders are expected to vote on the proposals in the coming weeks.

He needs 75% of shareholders to back his plan to delist the business, which employs 250 people at its Aberdeen-based offshore division.

Alan MacPhee, investment manager at Brewin Dolphin in Aberdeen, said more than 19million shares changed hands yesterday but there did not appear to be any immediate reason for the price movement.

Mr Ross has faced criticism from some shareholders who believed he was trying to take ownership of Cosalt at a discount price, but he hit back at his critics and said without his intervention the company would have collapsed.

Mr Ross said at the time that, if Cosalt was delisted, he would take on its multimillion-pound debts and pension deficit. He has also given it a £5million loan to keep it afloat.

More from Energy Voice

Latest Posts