Mouchel to win shareholder vote on borrowing limit
Sunday 15 January 2012
Investors in Mouchel are expected to vote through plans to quadruple the embattled infrastructure and outsourcing group's borrowing limit to £225m this week.
The interim chairman, Sir Michael Lyons, has argued that the rise is vital to trade through the downturn ahead of Friday's annual meeting. Cuts in local council spending hit the company so hard the share price is now only around 5p from nearly 155p last March. Ex-chief executive Richard Cuthbert left Mouchel in October, after a £4.2m accounting error was found.
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