TROUBLED engineering firm Cosalt said yesterday it had received a £5million loan from David Ross to keep it afloat while shareholders considered the non-executive chairman’s takeover offer.
Mr Ross’s bid for the company, including its Aberdeen-based offshore division, values the business at £400,000 and shareholders have until Thursday, December 22, to decide on the acquisition.
Cosalt said that, if the offer was not declared unconditional by then, its board would re-enter discussions with Mr Ross, the co-founder of Carphone Warehouse, to extend the loan beyond that date.
If the offer is agreed Mr Ross said he would be prepared to provide £5million of longer-term funding for the company. He has said previously work will continue as normal for the 250 Aberdeen-based Cosalt staff while shareholders consider the offer.