- Release Date: 28/02/14 18:47
- Summary: GENERAL: TWR: TOWER Limited reaches 80% settlement of earthquake claims
- Price Sensitive: No
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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
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