David Ross buys more Cosalt shares and doubles offer

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CARPHONE Warehouse co-founder David Ross has upped his offer for embattled offshore services group Cosalt and increased his stake in the company.

Mr Ross, chairman of the Grimsby-based company, doubled his offer to 0.2p per share after buying another 10 per cent of the company.

His former offer had been slammed by shareholders, including one major investor who called it “derisory and insulting”.

Mr Ross said his acquisition vehicle, Oval, bought about 41m shares in the company - some 10.13 per cent - from a single shareholder for 0.2p per share. His new offer values the company at about £800,000.

Mr Ross now owns, or has the backing of shares representing 46.15 per cent of Cosalt’s shares. More than 50 per cent would give him control of the company.

His revised offer remains open to shareholders for two weeks.

Earlier this week Mr Ross wrote to shareholders and urged them to accept his offer, which he said was vital to ensure the company does not go bust.

He insisted it is not a “bargain basement price”, but fairly reflects its precarious financial position.