Offshore safety group Cosalt Plc , which received an offer from non-executive chairman David Ross last week, said its working capital would last only till the end of the month and it was exploring restructuring options.

The British company, which inspects and manages safety equipment like portable lifting and breathing equipment for the offshore industry, said it was left with 900,000 pounds of banking facilities, enough to sustain it till November 30.

The company is in discussions with major shareholders and banking partners. It plans to appoint restructuring advisers to weigh its options.

Last week the company received an offer from its non-executive chairman, which valued the company at a measly 400,000 pounds.

Cosalt shares, which have lost 45 percent of their value since Ross made an offer, were trading down 53 percent at 0.2 pence at 0826 GMT on Wednesday on the London Stock Exchange.

Ross, a co-founder of British mobile phone retailer Carphone Warehouse , owns about 15 percent of Cosalt's equity.

The independent directors and the company's advisers continue to talk with Ross and his advisers relating to his possible offer.

(Reporting by Juhi Arora in Bangalore; Editing by Don Sebastian)