Carillion issues statement
- Carillion refers to the following statement attributed to Philip Green in an article published by the Sunday Times on 17 August 2014: "Our synergy numbers have been audited, and at £1.5bn it is virtually the same as the current market value of either company." Carillion wishes to clarify that, while its previous statement that "as a direct result of the merger, the cost-base of the combined group could be reduced by at least £175 million per annum by the end of 2016"1 has not been "audited" in the technical sense, as set out in Carillion's announcement made on 14 August 2014, an independent accounting firm has provided public assurance, having tested the basis of preparation of the statement in line with the requirements of the Code, and has publicly reported that it has been properly compiled on the basis stated in that announcement. Also, Carillion's previous statement that the cost savings it has identified "would represent a capitalised value of over £1.5 billion before any re-rating"2 has not been audited or reported on by an independent accounting firm. Rather, that number was calculated on the basis set out in detail in Carillion's announcement of 14 August 2014. - Source TradeTheNews.com