Cosalt has aked for its shares to be suspended from trading as it is not yet in a position to publish its results for the year to the end of December.

On 12 April the board greed with Oval - a company wholly owned by David Ross - an extension of one month to 31 May for repayment of the short term £1m credit facility provided by Oval.

The company is continuing discussions with Ross, and the group's pension trustees and its banks to secure a long term financing solution to ensure it has sufficient working capital to sustain the business.

Any such solution is expected to involve the issue of new equity share capital.

Cosalt says while the board has continued to progress these discussions, their outcome remains uncertain, and the group is not yet in a position to publish its report and accounts for the 12 months ended 31 December 2011 by 30 April, as required.