Note: Where MoneyAM chart shows 0.00p, it means 1.00p(!)

Cosalt inventory check reveals 4m shortfall
StockMarketWire.com
Oil and gas services group Cosalt says an inventory check has revealed evidence of a shortfall in company-owned stock and work-in-progress of up to 4m.

Further detailed investigation to establish the extent of the shortfall is under way.

The company says it has identified a series of doubtful transactions involving a supply company. Evidence suggests these account for a substantial proportion of the shortfall.

The transactions could give rise to claims against those involved with the supplies in question.

Cosalt has instructed KPMG as forensic accountants to complete the compilation of the evidence and Scottish solicitors Dundas & Wilson to advise on the recovery of any losses.

The company says that to avoid prejudicing its legal remedies and any future action, it is unable to comment further on such claims save to say that it will be taking all steps to maximise recovery.

Notwithstanding the shortfall, the company said it has sufficient stock to ensure there will be no interruption to services provided by the Offshore division.

The shortfall was not expected to have any further impact on the company's net borrowings.

Go long..!

On the rise with volume for the last couple days
A very good sign for a change of TREND

strong Level 2 of 5 v 1 @ 4 / 4.25p

Somethings happening, someones heard news?????????

this is such a twiddly company that some pretty small buying (or selling) can move the price disproportionately ..... i wouldn't be a buyer

Its that time of year - a lot of similar sized companies are being walked up and then down again.

IS HAVING A PAUSE JUST NOW

but the posible sale of the marine business for between 25 and 35m, is a good omen for the company low market cap, though there is debt on the balance sheet

which is perhaps why they are being forced to sell assets

Up..!

Good news today so the trend on the charting is changing for the better >>>>>>>>

Cosalt Offshore wins 3m deals with Acergy

Cosalt Offshore has won two one-year contracts with Acergy to provide all lifting services it requires in the UK and Norwegian sectors of the North Sea.

The contracts are worth up to a total of 3m at present and there is scope for a further increase in the workload over the coming months.

The deals involve Cosalt Offshore providing a total management service in addition to product supply to fulfill all of Acergy's subsea lifting equipment requirements.

up 10% this am.

Long may it continue. 8-)

A complete disaster.

genuinely sorry for you all (with one notable exception to whom all good things must surely come to pass in time), but why on earth any of you should have money in this flea-ridden dog is beyond belief .... the writing has been on the wall for ages, and if the share is not suspended tomorrow, then for goodness sake bite the bullet

Dont turn your nose up well you can if you need to it you wont be the first or last.

?

Not much value going forward.

Down 10% today.

Is it the end or will they suevive in 2011.

Sub 2p now not looking good.

..maybe worth a go @1p..?