Carillion has 'no future without rights issue of at least Â£500m'written by Bella Palmer
For many, the morning of 8 July promised a feast of sport: the British Lions Test in New Zealand, a Lord’s Test and Wimbledon. But a small group of bankers were about to have their weekend ruined by a summons to an emergency meeting in London’s Maddox Street.
Board papers had been delivered to the homes of the directors of Carillion, a FTSE 250 business best known as a builder that works on huge construction projects, and the documents contained disturbing news. A review of the group’s finances, commissioned two months earlier from accountants KPMG, had unearthed a gaping hole in the accounts.
This article is for information purposes only.
Please remember that financial investments may rise or fall and past performance does not guarantee future performance in respect of income or capital growth; you may not get back the amount you invested.
There is no obligation to purchase anything but, if you decide to do so, you are strongly advised to consult a professional adviser before making any investment decisions.