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TO PRIORITY DOT TELEGRAM NO CREDA 120 OF 16 AUGUST INFO ROBERTS CRE 4.
сёт!
FOR REDRUP, O P G FROM KINNEAR.
98
(98
YOUR TELEGRAM NO CREDA 180: MASS TRANSIT.
186
(108)
BORAD MEETING DUE TO BE HELD ON MONDAY HAD TO BE POSTPONED AND
WAS HELD TODAY. WHILE THERE WAS A GENERAL WISH TO SEE THE CONTRACT P
PLACED WITH J.L. KIER, THE BOARD WAS CONCERNED THAT WADDINGTONS, WHILE HEALTHY FINANCIALLY AND TECHNICALLY COMPENTENT, WAS NOT LARGE ENOUGH TO PROVIDE THE NECESSARY SECURITY AGAINST ANY FOSSIBLE FAILURE OF FRENCH KIER HOLDINGS. THE BOARD WAS NOT, IN THESE CIRCUMSTANCES, PREPARED TO TAKE ANY RISK OF J L KIER FAILING TO COMPLETE THE CONTRACT AND DEFERRED A DECISION UNTIL NEXT MONDAY.
2. THOMPSON TELLS ME THAT THE BOARD SUGGESTED THAT AN APPROACH SHOULD BE MADE TO THE MIDLAND BANK TO SEE WHETHER THEY WOULD GIVE AN UNDERTAKING NOT TO FORECLOSE ON J L KIER, IN THE EVENT OF A FAILURE OF FRENCH KIER HOLDINGS, OR, ALTERNATIVELY, TO INQUIRE WHETHER THE BANK WOULD BE PREPARED TO PUT UP A 20% BOND IN PLACE OF THE EXISTING BOND. THOMPSON HAS TELEXED KIER TO THIS EFFECT. I HAVE, IN THE MEANTIME, PUT HIM IN TOUCH WITH THE MIDLAND BANK'S LOCAL REPRESENTATIVE.
3. 1 FEAR THAT UNLESS SOME UNDERTAKING CAN BE OBTAINED FROM THE MIDLAND BANK THE CONTRACT IS LIKELY TO GO TO A JAPANESE FIRM, WHICH HAS PUT IN A LOWER BID. IS THERE ANYTHING FURTHER YOU CAN ADD TO YOUR TELEGRAM UNDER REFERENCE (THE CONTENTS OF WHICH WERE PASSED ON TO THOMPSON) WHICH MIGHT BE HELPFUL TO KIER'S INTERESTS? I WOULD BE GRATEFUL FOR A REPLY BY CLOSE OF PLAY FRIDAY, YOUR TIME.
INNEAR
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