ARV
30/09/2015 11:16
GENERAL
PRICE SENSITIVE
REL: 1116 HRS Arvida Group Limited (NS)
GENERAL: ARV: Insurance Settlement Agreed
Arvida Group Limited ("Arvida") advises that it has agreed with its insurer,
NZI, a gross settlement of $18.1 million (excluding GST) to resolve its
insurance claims relating to six of its properties that were impacted by the
Christchurch earthquakes.
The actual payment received will be reduced by $1.0 million for the EQC
contributions already received and $0.4 million for excesses.
The proceeds will be utilised to reduce bank debt until any remediation costs
are incurred.
The receipt of the settlement proceeds is expected shortly.
- ENDS -
End CA:00271017 For:ARV Type:GENERAL Time:2015-09-30 11:16:09
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