Cosalt non-executives step down after offer goes unconditional

Mr Ross, the Carphone Warehouse co-founder, has also extended a £5m unsecured loan to the Grimsby-based offshore services company, to provide working capital.

Cosalt said Ken Murray, Maurice White and Yarom Ophir resigned after Mr Ross revealed he owns or has the backing of 54 per cent of the company’s shares, giving him control. Cosalt’s board now comprises Mr Ross and chief executive Trevor Sands.

Mr Ross said: “I would like to thank Ken, Maurice and Yarom for their contribution to the company over many years and wish them all the best for the future.”

Mr Ross is trying to buy Cosalt for a total £800,000, offering 0.2p per share, and plans to de-list and recapitalise the company.

After resistance from major shareholders, he recently doubled his offer from 0.1p per share or £400,000.

This week he declared his offer unconditional, after some 217m shares, representing about 53.7 per cent of Cosalt’s share capital, backed it. Mr Ross’s offer will remain open until 1pm on January 31.

Last month Cosalt wrote to shareholders to warn them Mr Ross’s offer is the company’s only realistic chance of survival. Its banks have refused the company further finance.

As of Monday, Mr Ross had received acceptances representing 10.2 per cent of Cosalt’s shares. He also owns 43.5 per cent of its shares after buying a 10.1 per cent stake from Brookwell Ltd, a Guernsey investment fund, and another 18.3 per cent from Sovereign Holding, a Bermuda-based holding company representing the Rappaport family.

Mr Ross’s new £5m unsecured loan replaces a short-term facility which expired.

n CORRECTION: A story about Cosalt on Wednesday incorrectly stated that Mr Ross can now proceed with de-listing the company after effectively acquiring 54 per cent of its shares.

However, he still needs the backing of at least 75 per cent of votes cast to de-list Cosalt. The Yorkshire Post apologises for any confusion caused.