A failure to gain sponsor support for fundraising just days before last summer’s huge profit warning at Carillion didn’t deter its chairman supporting an “upbeat assessment” of the business.
Philip Green discusses Carillion collapse with MPs
Former Carillion chairman Philip Green “appeared to lack even a tenuous grasp” on the company’s parlous condition, according to ministerial committees investigating its demise.
The latest comments from work and pensions committee chair Frank Field MP follow the publication of Carillion board meeting minutes—a meeting that took place days before its £845m profit warning last summer.
The minutes show that attempts to set up a rights issue—to raise funds with Morgan Stanley and investment firm Stifel—had fallen through a day earlier. Despite this, the minutes state that the chairman “noted that work continued toward a positi
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