TIDMCOST

RNS Number : 3386Y

Costain Group PLC

21 December 2010

Costain Group PLC

("Costain" or "the Group")

Re AE&E Inova AG & the Belvedere facility

Further to the announcements, issued on 29 November, 2 December and 13 December 2010, advising on the position regarding AE&E Inova AG ('AE&E Inova'), with whom Costain has a sub-contract for a major part of the works at the Belvedere energy-from-waste facility, Costain is providing the following update.

In a letter, dated 20 December, to their customers, suppliers and partners, AE&E Inova has confirmed that they have completed and legally approved the Stock Purchase Agreement for AE&E Inova AG, and that their new owner is Hitachi Zosen Corporation.

Costain is also pleased to confirm that the GBP2.6 million sub-contract stage payment due to Costain on Friday 10 December has been received.

We welcome these positive developments and look forward to maintaining our constructive relationships with AE&E Inova and Cory Environmental, for whom the Belvedere facility is a development project.

21 December 2010

Enquiries:

 
 Costain Group PLC 
 Andrew Wyllie, Chief Executive         Tel: 01628 842 444 
 Tony Bickerstaff, Finance Director 
 Graham Read, Communications Director 
 
 College Hill                           Tel: 020 7457 2020 
 Mark Garraway 
 Adam Aljewicz

This information is provided by RNS

The company news service from the London Stock Exchange

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