Today’s vote by Costain shareholders on a £73.6m rescue share issue “was too close to call”, Alan Lovell, chief executive, said last night. Intria, a Malaysian construction company which is underwriting a large part of the issue, is expected to be left with a stake of up to 40% of the enlarged capital. Mr Lovell has said Costain would be forced into receivership if shareholders blocked the issue. Two of the largest shareholders Kharafi, and Raymond International object to the terms.
- Financial Times 22/7/96 page 24
- The Times 22/7/96 page 48
