Costain Group PLC Greater Manchester Waste contract (8389O)
August 24 2017 - 1:00AM
UK Regulatory
TIDMCOST
RNS Number : 8389O
Costain Group PLC
24 August 2017
Costain Group PLC
("Costain" or the "Company")
Greater Manchester Waste contract
Further to our announcement on 2 May 2017, Costain, the
engineering solutions provider, announces that, subject to the
fulfilment of certain conditions, a consensual termination of the
Greater Manchester waste management PFI project (the "Project") has
been agreed.
As a result, Costain has received an instruction under its
sub-contract with Viridor Laing (Greater Manchester) Limited
("Viridor Laing") to fully demobilise all of its remaining
activities relating to the Project. This demobilisation is expected
to be complete by 29 September 2017.
The settlement agreement entered into by Costain, Viridor Laing
and others on 23 August 2017 also includes the full and final
settlement of all of Costain's obligations under the Project. The
financial impact for Costain of this settlement is in line with the
provisions we have previously taken for the Project.
Completion of the consensual termination is expected to take
place on 29 September 2017 and is conditional upon: (i) completion
of the transfer of Viridor Laing into Authority ownership; (ii)
escrow arrangements being executed by all the parties; and (iii)
approval of the terms of the consensual termination by the lenders
to the Project.
This announcement contains inside information.
The person who arranged for the release of this announcement on
behalf of Costain was Tracey Wood, Legal Director and Company
Secretary.
24 August 2017
Enquiries:
Costain Tel: 01628 842 444
Andrew Wyllie CBE, Chief Executive
Tony Bickerstaff, Finance Director
Catherine Warbrick, Investor
Relations Director
Sara Lipscombe, Group Communications
Director
Instinctif Partners Tel: 020 7457 2020
Mark Garraway
James Gray
This information is provided by RNS
The company news service from the London Stock Exchange
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