|
contents | news | |||||||||
| Multiplex Concludes Agreements in Relation to Global Switch and Stratford Multiplex concluded arrangements with entities associated with Simon and David Reuben under which Multiplex has disposed of certain interests and rights in relation to the Stratford project and Global Switch. The total proceeds received by Multiplex were approximately A$300 million (GBP 127.5 million). Multiplex will maintain the potential to participate in the development and construction opportunities in the Stratford project. An assessment of the final loss position on the project is subject to considerable variability depending upon the final outcome of steel costs, preliminary and acceleration costs, and final negotiation of numerous subcontractor claims, as well as finalisation of recoveries, including final settlement of variations with the client. The report indicates that the likely loss position is now expected to be substantially adverse from the position that was indicated at the full year and the update commentary provided at the most recent AGM. The Board of Multiplex advises that any additional losses on the Wembley project are likely to lead to a direct reduction in 2006 earnings guidance provided at the full year. Multiplex continues to target completion of the Wembley stadium to enable the 2006 FA Cup Final to be played, with progressive hand over of parts of the stadium expected to commence from January 31, 2006. write your comments about the article :: © 2005 Construction News :: home page |