Three Cosalt directors resign after Ross gains control

THREE of Cosalt’s non-executive directors have resigned after chairman David Ross’s offer was declared unconditional.
By The Newsroom
Published 11th Jan 2012, 08:35 BST

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

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

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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 buying Cosalt for £800,000 and plans to de-list and recapitalise it.

Related topics:David RossGrimsby