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02 Sep | Cosalt Open Offer

A while back (June in fact) I wrote extolling the virtues of a company by the name of Cosalt and promptly put my money where my mouth was, purchasing 916 shares at £0.5437 for a total outlay of £498.03.

I’d read a little good press, the company seemed to have had it’s problems in the recent past, but was moving in the right direction and with prices nearing five quid back in ’07, I thought with some decent management why shouldn’t they get there again.

Anyway from pretty much that day on, things seemed to go from bad to worse, price wise at any rate. Then, just as my holding had halved in value in a little over two months I received a letter from my broker. I short it was an open offer of additional Cosalt shares on the basis of 6.8173 new ordinary shares for every existing share I held at 5 pence per share. The silver lining.

I stocked up on another 6,244 shares for a total outlay of £312. Compares kind of favourably to my initial purchase above huh? I thought so.

So to cut a long story short, today I received my open offer shares which has seen our Cosalt holding return to positive territory – even with the price hovering around the 12 pence mark.

I don’t know much but I do know that the ride for Cosalt owners ain’t over just yet. The bulletin boards are abuzz with speculation and there’s been a juicy bit of business signed with BP of late so we could be in for a fun week or two.

Thanks again for dropping by.