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SharePrice.com - UK Share Information - Tuesday, 20th February 2018

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Carillion’s Investors Fled as Company Failed


Monday, 19th February 2018

The comments are a part of a joint report by the Business and Work and Pensions committees. The government also plans to question KPMG, who were Carillionís former auditor. The company was the second largest construction company in Britain, and its collapse led to the direct loss of 1,000 jobs, with a much larger impact on sub-contractors that is still being assessed.

Investigators note that there was a disconnect between what the directors told MPs, and the information that was collected by shareholders. The directors were telling people that everything was OK up until a contract in Qatar went wrong. Some investors fled early on, and one leading investor reportedly considered suing the company. Kiltearn Partners wrote a letter to the committees saying that it feels there are clear grounds to investigate whether the management of Carillion did know, or should have known, about the issue with their finances much earlier than when it was reported. The company issued a profit warning in July 2017, but Kiltearn believes that it would have been clear far before then that there were issues at the company.


Read previous editors articles here


Stock Market Update

Monday, 19th February 2018

A lack of direction from the US on Monday and a decline in miners on the back of weaker metal prices hit the FTSE 100, down 0.6% at 7,247.  Fresnillo (FRES) ...
Monday, 19th February 2018

A strong performance in Asia this morning failed to fuel the FTSE 100, with weakness in miners holding back any positive momentum.  Gold miner Randgold Resources (RRS) retreated 1.3% to £62.20 ...
Monday, 19th February 2018

UK stocks opened flat on Monday as investors took pause after the previous week's strong gains and awaited the release this week of key economic data.  At 0859, the benchmark FTSE ...

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