Cosalt, the Lincolnshire based company which provides life jackets and safety harnesses for the oil and gas industry has seen its shares jump 28% this morning on news of a new credit facility.
The £5m overdraft is being provided by David Ross, who co-founded Carphone Warehouse but who has had a long time family involvement in Cosalt.
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David Ross, who has served as Chairman of Cosalt for the last two years, is attempting to take over the company for £400,000. The deal is by no means assured because other shareholders think he is partly to blame for the collapse in value.
Nevertheless, the £5m facility will, it is hoped, enable Cosalt to function until the 22nd of December when Ross hopes that his offer will be accepted.
BS
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