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There are no current short positions above 0.5% in CARILLION PLC

Posts: 261
Opinion: No Opinion
Posted: January 15, 2018

CLLN Compulsory liquidation of Carillion

RNS Number : 8399B
Carillion PLC
15 January 2018



15 January 2018

Carillion plc ("Carillion")

Compulsory liquidation of Carillion

Further to the announcement made on 12 January 2018, Carillion continued to engage with its key financial and other stakeholders, including Her Majesty's Government ('HMG'), over the course of the weekend regarding options to reduce debt and strengthen the group's balance sheet. As part of this engagement, Carillion also asked those stakeholders for limited short term financial support, to enable it to continue to trade whilst longer term engagement continued.

Despite considerable efforts, those discussions have not been successful, and the board of Carillion has therefore concluded that it had no choice but to take steps to enter into compulsory liquidation with immediate effect. An application was made to the High Court for a compulsory liquidation of Carillion before opening of business today and an order has been granted to appoint the Official Receiver as the liquidator of Carillion. We anticipate that the Official Receiver will make an application to the High Court for PricewaterhouseCoopers LLP to be appointed as Special Managers, to act on behalf of the Official Receiver, and we further anticipate that an order will be granted to that effect.

Philip Green, Chairman of Carillion, said:

"This is a very sad day for Carillion, for our colleagues, suppliers and customers that we have been proud to serve over many years. Over recent months huge efforts have been made to restructure Carillion to deliver its sustainable future and the Board is very grateful for the huge efforts made by Keith Cochrane, our executive team and many others who have worked tirelessly over this period. In recent days however we have been unable to secure the funding to support our business plan and it is therefore with the deepest regret that we have arrived at this decision. We understand that HM Government will be providing the necessary funding required by the Official Receiver to maintain the public services carried on by Carillion staff, subcontractors and suppliers."

This and other Carillion news releases can be found at

Carillion plc's LEI code is: 6SNZTEXLR1M5211YYB89

Posts: 261
Opinion: No Opinion
Posted: January 15, 2018

CLLN Suspension - Carillion PLC

RNS Number : 8465B
Official List
15 January 2018


15/01/2018 7:45 AM


Carillion PLC

The Financial Conduct Authority ("the FCA") temporarily suspends the securities set out below from the Official List effective from 15/01/2018 7:45 AM following the Company's earlier announcement this morning:

Ordinary Shares of 50p each

fully paid

Premium Equity Commercial Companies


This notice has been issued by Listing Applications - 0207 066 8352.

Posts: 261
Opinion: No Opinion
Posted: December 20, 2017

CLLN Chief Executive Appointment

RNS Number : 8913Z
Carillion PLC
20 December 2017

Carillion plc

Chief Executive Appointment

On 27 October 2017, Carillion plc ("Carillion") announced the appointment of Andrew Davies as Chief Executive Officer with effect from 2 April 2018. The Board of Carillion is now pleased to announce that it has been agreed that Mr Davies will assume his appointment at an earlier date, and will become Chief Executive Officer with effect from 22 January 2018, at which point he will also join the Board. Keith Cochrane will step down from his role as Interim Chief Executive Officer, and from the Board, on that date but will remain with Carillion in an advisory capacity for a period thereafter in order to ensure an orderly transition.

Andrew Davies was appointed to the role of Chief Executive of Wates Group Ltd in 2014. Prior to that he held a series of senior roles with BAE Systems plc over a 28 year period. He is currently a Non-Executive Director of Chemring Group PLC and brings executive, strategic, turn around and leadership skills to the Company as well as experience of complex public sector contracting in projects, support services and construction.

Philip Green, Chairman of Carillion, said, "We are very grateful to the Board of Wates Group Ltd, and to James Wates CBE, their Chairman, for their facilitation of Andrew's earlier appointment. It is a demonstration of how the sector is willing to cooperate and collaborate to ensure the long term sustainability of UK industry.

"As I said when we announced his appointment, Andrew has the ideal combination of commerciality, operational expertise and relevant sector experience to build on the conclusions of the strategic review and to lead the on-going transformation of the business, and I look forward to his bringing that experience and expertise to Carillion in the New Year."

There are no disclosures in respect of paragraph 9.6.13 (1) to (6) of the FCA's Listing Rules.

Posts: 261
Opinion: No Opinion
Posted: December 13, 2017

CLLN Update on UK healthcare facilities business

RNS Number : 1898Z
Carillion PLC
13 December 2017



13th December 2017

Carillion plc ("Carillion" or the "Group")

Update on proposed disposal of UK healthcare facilities management business

On 24th October 2017, Carillion announced that it had signed heads of terms with Serco Group plc ("Serco") for the disposal of a large part of its UK healthcare facilities management business (the "Disposal"). Further to this, the Board of Carillion today announces that it has entered into a definitive Business Purchase Agreement (the "BPA") with Serco.


· A portfolio of UK healthcare facilities management contracts and associated ancillary contracts and assets (the "FM Arrangements") which relate to fifteen sites will be transferred to Serco on a phased basis pursuant to the Disposal

· As the Disposal is a Class 1 transaction for Carillion under the UK Listing Rules, the Disposal is conditional upon the approval of Carillion's shareholders. The transfers of the FM Arrangements are also conditional on, among other things, receipt of all required third party consents

· An agreed proportion of the total consideration of approximately £47.7 million (subject to a limited working capital adjustment, and a limited adjustment in the event that the FM Arrangements are transferred ahead of or behind an assumed schedule) will be payable in instalments on the transfer of each FM arrangement to Serco, with the aim of receiving the bulk of the proceeds in the second and third quarters of 2018

· After taking account of fees, costs and taxes, the net Disposal proceeds are expected to be £41.4 million and, when received, will be applied in prepayment and cancellation of an equivalent amount of the Group's £140 million committed credit facilities (the "New Money Facilities") announced on 24th October 2017

· The Disposal forms part of the Group's £300 million non-core disposals target announced as part of its strategic review in order to reduce net debt and refocus the Group on its core strengths and markets

Keith Cochrane, Carillion's Interim Chief Executive, said:

"I am pleased we have been able to successfully conclude this transaction which will contribute to our efforts to reduce net debt."

Lazard & Co., Limited is acting as lead financial adviser and sponsor to Carillion in relation to the Disposal.

Posts: 261
Opinion: No Opinion
Posted: December 1, 2017

CLLN Directorate Change

RNS Number : 0711Y
Carillion PLC
01 December 2017

Carillion plc
(the 'Company')

Board Appointment

Carillion plc is pleased to announce that Justin Read has been appointed a non-executive director of the Company with effect from 1 December 2017. Justin has been appointed as Chairman designate of the Audit Committee and he will assume that post following the preliminary announcement of the Group's 2017 results. At the same time, Andrew Dougal will stand down as Chairman of the Audit Committee and retire from the Board having served as a Non-Executive Director since joining the Board in October 2011.

Justin will also serve as a member on the Remuneration, Nomination, Business Integrity and Health, Safety and Sustainability Committees.

Justin, aged 56, was Group Finance Director of Segro plc from August 2011 to December 2016. Between 2008 and 2011 he was Group Finance Director at Speedy Hire plc. Prior to this, Justin spent 13 years in a variety of roles at Hanson plc, including Deputy Finance Director, Managing Director of Hanson Continental Europe, Head of Corporate Development, Head of Risk Management and Group Treasurer. Justin has also held positions at Euro Disney S.C.A. and Bankers Trust Company. Justin's previous roles have given him financial and management experience working across a number of different industry sectors, including real estate, support services, building materials and banking; and across a number of jurisdictions.

He is currently a Non-Executive Director of Ibstock plc, the FTSE 250 building products manufacturer; and Grainger plc, the FTSE 250 real estate business which is one of the UK's largest professional landlords. Justin is also Chairman of Segro Pension Scheme Trustees Limited.
Commenting, Carillion Chairman Philip Green said, "Andrew Dougal has made a substantial contribution to the Group and leaves the Board with our grateful thanks and best wishes for the future.

"We are very pleased that Justin Read has joined the Board. He has substantial operational experience across the finance function of significant and international businesses, having served as a Group Finance Director for over eight years and a proven track record of driving business growth. I look forward to his contribution to the Group."

There are no disclosures in respect of paragraph 9.6.13 (1) to (6) of the FCA's Listing Rules.

Richard Tapp
Company Secretary
1 December 2017

Posts: 261
Opinion: No Opinion
Posted: November 20, 2017

CLLN Framework Award

RNS Number : 9377W
Carillion PLC
20 November 2017

Framework Award

Carillion plc ('Carillion' or 'the Group') confirms that it has been awarded two lots on the Education & Skills Funding Agency's ('ESFA') school building framework.

The new framework is for a period of four years and replaces the existing ESFA Contractors Framework, on which Carillion was also a provider. The framework provides a procurement route for education providers to access pre-selected contractors to deliver new education facilities.

Carillion has been appointed on both lots it bid, covering the north and south of England, for high value projects (worth more than £12 million). These are anticipated to be worth c£2.64 billion in total over the period to 2021, with the Group one of nine contractors selected on these lots.

Commenting Keith Cochrane, Interim Chief Executive, said:

'We are pleased to have re-secured our position on this framework, demonstrating that we continue to retain the confidence of key customers despite the Group's current challenges.'

Posts: 261
Opinion: No Opinion
Posted: November 17, 2017

CLLN Update

RNS Number : 8037W
Carillion PLC
17 November 2017

17 November 2017

Update on discussions with stakeholders, trading and financial covenants deferral

Carillion plc ("Carillion" or "the Group") today provides an update on discussions with its financial stakeholders, trading and its intention to seek to defer the testing of its financial covenants.

Since July, the Group has been focused on reducing costs, collecting cash, executing its disposals programme and implementing its new operating model. These self-help measures will serve to reduce the Group's average net debt over time, but they will not be sufficient to enable the Group to achieve its target net debt to EBITDA ratio of between 1.0 to 1.5 times by the end of 2018. The Board is therefore in discussions with stakeholders regarding a broad range of options to further reduce net debt and repair and strengthen the Group's balance sheet. This will require some form of recapitalisation, which could involve a restructuring of the balance sheet. The Board expects to commence steps to implement the chosen option during the first quarter of 2018 and a further announcement will be made in due course.

In its interim results on 29 September 2017, Carillion confirmed that it was forecast to be in compliance with its financial covenants as at 31 December 2017. As then indicated, compliance with its financial covenants was dependent on achieving its underlying forecasts, which assume that the normal pattern of receipts and payments continue alongside the completion of a number of PPP disposals and settlement receipts on contracts.

The Board has kept under continuous review the risk that receipts from contract claims and/or disposals forecast to be received during November and December 2017 might slip beyond 31 December 2017. The Group now expects that a combination of delays to certain PPP disposals, a slippage in the commencement date of a significant project in the Middle East and lower than expected margin improvements across a small number of UK Support Services contracts, partially offset by cost savings initiatives realised in the fourth quarter, will lead to profits for the year to 31 December 2017 being materially lower than current market expectations. Given the impact of delays in receipts and disposals, the Group now expects full year average net borrowing in 2017 to be between £875m and £925m.

Based on its latest forecasts, reflecting the items mentioned above, the Board now expects a covenant breach as at 31 December 2017. Following discussions with its principal lenders and with their support, the Board has concluded that it is necessary to amend the relevant agreements to defer the test date for both its financial covenants from 31 December 2017 to 30 April 2018 (based on EBITDA for the 12 months to that date), by which time it expects to be implementing its recapitalisation plan. Carillion has now commenced a process to seek the consents necessary to make this amendment.

Commenting, Interim Chief Executive, Keith Cochrane said:

"Whilst we continue to target cash collections, reduce costs, execute disposals and focus on delivering for our customers, it is clear that significant challenges remain and more needs to be done to reduce net debt and rebuild the balance sheet. Constructive dialogue is continuing with our financial stakeholders, and I am grateful for their support. I remain focused on addressing this issue before my successor, Andrew Davies, takes up the role on 2 April 2018."

This and other Carillion news releases can be found at

Posts: 261
Opinion: No Opinion
Posted: October 24, 2017

Update on financing, disposals and work winning

RNS Number : 4245U
Carillion PLC
24 October 2017

24 October 2017

Update on financing, disposals and work winning

Carillion plc ("Carillion" or the "Group") provides an update on discussions with its creditors, disposals and new contract wins.

New committed credit facilities

Carillion announced on 29 September 2017 that a term sheet for further committed credit facilities of £140m had been agreed with five of the Group's core lenders. Further to this, the Group is pleased to announce the signing of two committed facilities, totalling £140 million, as contemplated by this term sheet. This additional liquidity is fully available to draw down now. It comprises a £40m senior secured revolving facility maturing on 27 April 2018, secured over shares in certain of the Group's subsidiaries and over certain of the Group's assets, and a £100m senior unsecured revolving facility maturing on 1 January 2019.

In addition, the Group has agreed new committed bonding facilities, together with the deferral of certain pension contributions and the deferral of repayment of private placement notes due in November 2017 and September 2018. These deferrals will be until the earlier of five business days following, (i) the repayment of the new committed facilities, and (ii) 1 January 2019.

When taken together, Carillion's new facilities and agreed deferrals outlined above improve Group committed headroom throughout 2018 by between approximately £170m and £190m. Further details are set out in the Appendix.

The Group continues to assess a broad range of options for optimising its capital structure and to this end is fully engaged in constructive dialogue with stakeholders.


Carillion has signed heads of terms with Serco Group Plc ("Serco") for the disposal of a large part of its UK healthcare facilities management business for an agreed price of £50.1m, subject to a limited working capital adjustment. Carillion has agreed to give Serco a period of exclusivity to provide the parties with time to finalise a business purchase agreement, which Carillion and Serco are aiming to sign in the next few weeks. The transfers of contracts pursuant to this disposal are each subject to receipt of third party consents, and, if required, shareholder approval. It is intended for the contract transfers to take place on a phased basis, with the aim of receiving the bulk of the proceeds during the first half of 2018. Further details will be published once the business purchase agreement is signed.

Carillion intends to dispose of the remaining contracts in its UK healthcare facilities management portfolio during 2018.

While Carillion is continuing to pursue the disposal of the Group's Canadian businesses, it is also evaluating whether a better result for the Group would be achieved by retaining for now certain of those businesses. The Group continues to target non-core disposals with aggregate consideration anticipated of over £300m by the end of 2018 and further announcements will be made in due course.

Work winning

Recent wins include:

· Gigaclear - £200m contract. Carillion telent, a 60:40 Joint venture with telent, has signed a contract with Gigaclear, the ultrafast pure fibre broadband company, to build a broadband network in Devon and Somerset. The contract is expected to generate revenue of up to £200m for the Joint Venture between 2018 and 2020, and will commence immediately.

· Dubai Creek Harbour - £105m contract. Following a pre-construction period, Emaar Properties has awarded Al Futtaim Carillion (AFC: a 50:50 Joint Venture) the contract to deliver Creek Horizon, a collection of premium residential apartments located at the Island District in Dubai Creek Harbour. The contract is expected to generate revenues of approximately £105m for AFC and work is underway, with completion scheduled for early 2020.

· Fallowfield - £71m contract. Following Carillion's appointment as preferred bidder (announced on 12 April), Carillion has signed a contract with the University of Manchester to design and build Phase 1 of its Fallowfield Student Residences project. The project has an estimated construction cost of £71m and work is underway.

Outlook and guidance

There is no change to 2017 guidance as set out in the interim results announcement on 29 September.

Commenting Keith Cochrane, Interim Chief Executive, said:

"Today we are announcing progress on a number of fronts and whilst our customers and creditors continue to be supportive, much remains to be done. We remain focused on executing our disposals and cost savings programmes while continuing our discussions with our lenders and other stakeholders to explore further ways of strengthening Carillion's balance sheet."