Shareholders back chairman’s offer for Cosalt

Last month, offshore services group Cosalt told shareholders that an £800,000 offer from Mr Ross was the company’s only realistic chance of survival.

Carphone Warehouse co-founder David Ross wants to buy and de-list the Grimsby-based group, which serves the offshore oil and gas sectors and makes workwear.

He recently doubled his offer from £400,000. His new offer, through his Oval acquisition vehicle, is for 0.2p per share.

In a statement issued today, Oval said that, as at 1pm on January, it had received valid acceptances under the recommended increased offer in respect of 10.18 per cent of the existing issued ordinary share capital of Cosalt.

Before today’s announcement, Mr Ross owned approximately 43.52 per cent of Cosalt’s share capital.

The statement added: “The recommended increased offer has therefore been declared unconditional in all respects.”

Mr Ross, whose father and grandfather were directors of Cosalt before him, says his primary motivation is preserving jobs at the company, which employs about 360 staff.

Cosalt recently sold its marine business to private equity for £27m after costs to cut debt. It also raised £18.9m from shareholders in August 2009 through a deeply discounted rescue fundraising. The company is also locked in a costly legal battle with former directors.

Mr Ross was recently appointed vice-chairman of the Humber Local Enterprise Partnership, a body which aims to promote business in the Humber region. He also supports the Havelock and Humberston Academies in North East Lincolnshire.