SEK
11/11/2015 08:48
GENERAL
NOT PRICE SENSITIVE
REL: 0848 HRS Seeka Kiwifruit Industries Limited
GENERAL: SEK: Seeka updates the market on Insurance process
11 November 2015
Seeka updates the market on Insurance process
In our updates on 14 October and 21 October 2015, Seeka outlined various
insurance processes that are underway following the fire at its Oakside
facility earlier in 2015 and the ongoing implications of that, including a
claim made under the Marine Cargo Policy taken out by Zespri on behalf of
growers for extraordinary losses arising out of the fire and certain actions
taken to mitigate the loss.
Seeka has been advised that, as part of the process of reviewing the claim,
the Insurers have accepted the claim as it relates to fruit that was
specifically packed at Oakside subsequent to the fire. Other aspects of the
claim remain in the process of being evaluated and are being worked through
along with expert advice.
Seeka advises that the valuation of the accepted portion of the claim remains
to be agreed and settled. In the meantime, Seeka has taken efforts to
provide cashflow to growers to ensure that they had adequate financing while
the insurance matters were completed.
At this stage of the claim process, it is too early to update the market on
the overall Seeka profit impact. Seeka does however consider the partial
acceptance of its claims as a positive outcome and a step in the right
direction.
Release ends.
For further information please contact
Michael Franks, Chief Executive 021356516
Stuart McKinstry, Chief Financial Officer 0212215583
End CA:00273178 For:SEK Type:GENERAL Time:2015-11-11 08:48:34
