Cosalt’s shares suspended from trading

In a statement, the Grimsby-based company said: “The board of Cosalt announces that it is in the late stages of agreeing the previously notified proposed sale of the group’s marine business.

“The group’s ongoing funding arrangements are conditional on the completion of this transaction.

“Whilst the board has made significant progress with these discussions, the group is not yet in a position to publish its report and accounts for the 14 months ended December 31 2010 by April 30 2011, as required by disclosure and transparency rule 4.1.3.

“Accordingly the group’s ordinary shares have been suspended from trading pending publication of its audited accounts.

“A further announcement will be made shortly.”