November 4th, 1997 Powerscreen announces pre-tax profits of £23.6 million sterling in the six months to September 30th, 1997.

December 17th, 1997 Powerscreen places three million shares, mainly with Irish institutional investors, raising £18 million.

January 27th, 1998 Powerscreen announces that accounting irregularities have been discovered at its Matbro subsidiary, that a provision of £46.6 million sterling is being made and that a £10 million pre-tax loss is now expected for the year to the end of March.

The market had been expecting pre-tax profits of almost £50 million. In Dublin, the share price collapses to 294.25p from 651p.

February 5th, 1998 Powerscreen shares fall further with news that information about the problems at Matbro had been circulating in the industry in November. Powerscreen sales and marketing director Mr Patrick Dooey announces his resignation.

March 27th, 1998 Powerscreen chief executive Mr Shay McKeown and finance director Mr Barry Cosgrove step down, having lost the confidence of the board.

May 1st, 1998 Powerscreen confirms it has sold the business of Matbro to US engineering group John Deere for £7 million.

May 6th, 1998 British Serious Fraud Office announces investigation into Matbro irregularities.

May 27th, 1998 Powerscreen warns of an expected pre-tax loss of £65 million for the year to end March, up from an expected loss of £10 million.

The London Stock Exchange announces it is examining dealings in Powerscreen shares after a a bloc of 690,000 shares changed hands at a 20 per cent discount to the last dealt price.

June 1st, 1998 Powerscreen says it has not infringed patent law following revelations it is being sued for $30 million by the Read Corporation in Boston for alleged illegal copying of machine designs.