Immediate Release July 19th 1996
Shareholders demand Alan Lovell's resignation
The Costain Independent Shareholders Association, a group representing small independent investors, is calling for the immediate resignation of Costain's Chief Executive, Alan Lovell. The Association believes that Alan Lovell is unfit to lead the Costain group out of the financial crises which he himself created.
The Association is looking to Costain's majority shareholders Mohammed Abdulmohsin Kharafi and Sons and Raymond International, who have a combined thirty eight percent share holding of Costain for their support. An alternative package of financial measures based on a three month moratorium and bank underpinning is being proposed by these Middle Eastern majority shareholders, and has the support of the Costain Independent Shareholders Association.
Association members will be attending the Extraordinary General Meeting
and distributing an open letter encouraging other shareholders to join
them in calling for Alan Lovell's resignation.
Mr Alisdair Stark, Chairman Costain Independent Shareholders Association said
 The Times, Thursday July 18th 1996
Further information: Chairman Costain Independent Shareholders