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Costain update on Manchester waste contract

24 August 2017 08:05

Costain, the engineering solutions provider, announced that a consensual termination of the Greater Manchester waste management PFI project has been agreed.

Costain said that as a result, it had received an instruction under its sub-contract with Viridor Laing (Greater Manchester) Limited to fully demobilise all of its remaining activities relating to the project.

It said this demobilisation was expected to be complete by 29 September.

A statement added: "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."

At 8:05am: (LON:COST) Costain Group PLC share price was +7.63p at 446.38p

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