Home > Press releases > 1996
23 Dec 1996
Costain is in severe financial difficulty, and has called two EGMs to sell-off assets and issue extra shares in a bid to bolster its finances. Chairman, Sir Christopher Benson and Chief Executive, Alan Lovell - the men behind the acceptance of the Newbury bypass contract -are leaving.
Tony Juniper of Friends of the Earth said:
"Friends of the Earth warned from the very beginning that taking on the bypass contract would be bad business for Costain. We hope that the new Board can start to repair its battered image by halting work on this controversial and highly damaging road."
Friends of the Earth campaigners will be outside the EGM with placards. Campaigners will also attend the EGM to question the Board over any changes in policy on the environment in general and the bypass in particular.
NOTES TO EDITORS
[1] Costain is holding an EGM at the Barbican Centre, Silk Street,
EC2: 10.15am, Monday 6 January, to authorise allotment of New
Ordinary Shares. An EGM is also being held on 27 December 1996 at
The London Arena, Limeharbour at 10am to approve the sale of assets (US
coal and Spitalfields development).
[2] FOE has written to hundreds of shareholders suggesting questions to ask should they wish to peacefully attend the EGM.
Contact details:
Friends of the Earth
26-28 Underwood St.
LONDON
N1 7JQ
Tel: 020 7490 1555
Fax: 020 7490 0881
Web: www.foe.co.uk/feedback.html
Media team
