Aspire Defence Finance PLC Announcement Re. Carillion PLC (1102C)
January 17 2018 - 3:15AM
UK Regulatory
TIDM85VK TIDMCLLN
RNS Number : 1102C
Aspire Defence Finance PLC
17 January 2018
Aspire Defence Finance plc (the "Company"), the Issuer for
Project Allenby/Connaught ("the Project"), notes the recent
announcement by Carillion plc ("Carillion") regarding its
compulsory liquidation.
The Project continues to deliver services as normal.
Carillion does not perform any of the services required for the
Project. Carillion and KBR each have a 50% interest in two
unincorporated joint ventures acting as sub-contractors to Aspire
Defence Limited, the special purpose vehicle for the Project, known
as Aspire Defence Capital Works and Aspire Defence Services, and a
50% interest in a supplier to Aspire Defence Services called Aspire
Defence Services Limited delivering facilities management services.
Carillion and KBR are guarantors of the liabilities of those three
sub-contractors. Commercial arrangements exist to ringfence the
sub-contractors from their parent companies.
Carillion seconds approximately 110 management and supervisory
staff to Aspire Defence Capital Works, the sub-contractor
responsible for the Army Basing Programme Works ("ABP Works"). The
construction of the ABP Works is not performed by Carillion.
Construction delivery is also progressing as normal.
The Company has been monitoring Carillion's situation for some
months and has activated its pre-prepared contingency plan. The
Company is working in conjunction with all stakeholders,
particularly KBR, to mitigate any effects of Carillion's
liquidation on the Project. KBR has been undergoing contingency
planning for the last three months and is well placed to continue
operating these sub-contracts.
The Company will continue to manage the situation as it
develops, including considering carefully the terms of the finance
documents, and provide further updates as appropriate.
By order of the Board,
A R McColl
Company Secretary
17 January 2018
This information is provided by RNS
The company news service from the London Stock Exchange
END
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January 17, 2018 03:15 ET (08:15 GMT)
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