Cosalt chairman reminds shareholders clock is ticking

The chairman of struggling Grimsby-based company Cosalt has sent a letter to shareholders urging them to sell their shares to him, as time is running out for the company.

The chairman of struggling Grimsby-based company Cosalt has sent a letter to shareholders urging them to sell their shares to him, as time is running out for the company.

In the letter, David Ross, whose grandfather founded the oil and gas sector safety firm a century ago, said: "It is clear, I believe, that the company needs a significant level of further investment into it, shorn of the burden and cost that it has as a public company, in order for it to survive and to effect a turnaround of its fortunes."

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