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- Release Date: 28/02/14 18:47
- Summary: GENERAL: TWR: TOWER Limited reaches 80% settlement of earthquake claims
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TWR
28/02/2014 16:47
GENERAL
REL: 1647 HRS Tower Limited
GENERAL: TWR: TOWER Limited reaches 80% settlement of earthquake claims
28 February 2014
Market Information
NZX Limited
Level 2, NZX Centre
11 Cable Street
Wellington
New Zealand
Company Announcements Office
Australian Stock Exchange Limited
Exchange Centre
Level 6, 20 Bridge Street
Sydney NSW 2000
AUSTRALIA
TOWER Limited reaches 80% settlement of earthquake claims
TOWER Limited (TOWER) advises that it has reached a milestone in the
settlement of Canterbury earthquake claims, with 80% of all claims now
settled and closed.
Chief Financial Officer Michael Boggs said the number of house rebuilds and
major repairs had accelerated in the second half of 2013, and would continue
to gain momentum this year.
"We expect to complete nearly 200 new houses and more than 300 over-cap
repairs for our Canterbury earthquake customers in 2014 and are now in a
position to move our programme forward at pace.
"While we're pleased with our progress to date, we recognise there is still
plenty of work to be completed to ensure all our affected customers have
their claims resolved. We are committed to substantially completing claims
settlement by the end of 2015."
Mr Boggs said he and Chief Executive Officer David Hancock visited Canterbury
last week to talk to customers with work underway or completed, and would
continue to engage closely with customers and the community over TOWER's
rebuild and repair programme.
Additionally, Mr Boggs said TOWER has completed its review of the provisions
for the Canterbury earthquake events for the quarter ending 31 December 2013,
with provisions for the February event remaining unchanged.
Information on TOWER's progress on Canterbury earthquake claims is updated
regularly and can be found on its website at
http://www.tower.co.nz/company/canterbury-earthquake
Michael Boggs
Chief Financial Officer
TOWER Limited
ARBN 088 481 234 Incorporated in New Zealand
End CA:00247690 For:TWR Type:GENERAL Time:2014-02-28 16:47:23
