Re AE&E Inova AG & the Belved

RNS Number : 3386Y

Costain Group PLC

21 December 2010

 



Costain Group PLC

("Costain" or "the Group")

Re AE&E Inova AG & the Belvedere facility

Further to the announcements, issued on 29 November, 2 December and 13 December 2010, advising on the position regarding AE&E Inova AG ('AE&E Inova'), with whom Costain has a sub-contract for a major part of the works at the Belvedere energy-from-waste facility, Costain is providing the following update.

In a letter, dated 20 December, to their customers, suppliers and partners, AE&E Inova has confirmed that they have completed and legally approved the Stock Purchase Agreement for AE&E Inova AG, and that their new owner is Hitachi Zosen Corporation. 

Costain is also pleased to confirm that the £2.6 million sub-contract stage payment due to Costain on Friday 10 December has been received.

We welcome these positive developments and look forward to maintaining our constructive relationships with AE&E Inova and Cory Environmental, for whom the Belvedere facility is a development project.

21 December 2010

Enquiries:

Costain Group PLC
Andrew Wyllie, Chief Executive	Tel: [phone]
Tony Bickerstaff, Finance Director
Graham Read, Communications Director
College Hill	Tel: [phone]
Mark Garraway
Adam Aljewicz

 

END

 

 

MSCPGGCWPUPUUQG