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- Release Date: 12/03/14 10:50
- Summary: GENERAL: SKL: Skellerup concludes Insurance Claim in Christchurch
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SKL
12/03/2014 08:50
GENERAL
REL: 0850 HRS Skellerup Holdings Limited
GENERAL: SKL: Skellerup concludes Insurance Claim in Christchurch
12 March 2014
Skellerup successfully concludes Insurance Claim in Christchurch
Skellerup Group today advised it has successfully concluded its insurance
claim for damage suffered at its Christchurch facilities as a result of the
Canterbury earthquakes of 2010 and 2011.
The settlement, which has a total claim value after deductibles of $32.3
million, includes costs that have been incurred and costs that will be
incurred in the future including the planned relocation of the Agri business
to the 3.4 ha site at Wigram Business Park in Christchurch purchased last
year.
Chief Executive Officer David Mair said: "It is a very pleasing to have
finally resolved our insurance claim. A lot of time and effort went in to
concluding the claim process. The earthquakes caused damage and on-going
inefficiency to our Agri and Industrial Foam businesses located in
Christchurch. Our people have been remarkably resilient in working through
challenging times and in difficult environments. We now have certainty of
insurance proceeds and can focus energies and resources on progressing the
relocation of these businesses for which planning is well advanced.
Skellerup has previously received interim payments from insurers of $10
million leaving a net cash receipt of $22.3 million, which will be received
in March 2014. The majority of this receipt will be treated as a capital
item.
For further information please contact:
David Mair
Chief Executive Officer
021 708 021
Graham Leaming
Chief Financial Officer
021 271 9206
For media queries please contact:
Geoff Senescall
Senescall Akers Limited
021 481 234
End CA:00248087 For:SKL Type:GENERAL Time:2014-03-12 08:50:58
