TWR
25/08/2014 09:55
GENERAL
REL: 0955 HRS Tower Limited
GENERAL: TWR: TOWER Limited reaches 85% settlement of earthquake claims
25 August 2014
Market Information
NZX Limited
Level 2, NZX Centre
11 Cable Street
Wellington
New Zealand
Company Announcements Office
Australian Securities Exchange Limited
Exchange Centre
Level 6, 20 Bridge Street
Sydney NSW 2000
Australia
TOWER Limited reaches 85% settlement of earthquake claims
TOWER Limited (NZE/ASX: TWR) advises that it has now closed and settled 85%
by number of all claims relating to the Canterbury earthquakes, up from 82%
as at 30 May 2014.
Chief Financial Officer Michael Boggs, who leads TOWER's earthquake recovery
programme, said "TOWER was pleased with the progress it was making in
resolving claims, and this important milestone demonstrates that we remain on
track to substantially complete claims settlement by the end of 2015."
TOWER had completed its review of the provisions for the Canterbury
earthquake events for the quarter ended 30 June 2014, with provisions for the
February event remaining unchanged.
TOWER's programme of work has gained pace this year, with a significant
number of over-cap repairs and rebuilds either completed or in progress.
TOWER's out of scope claims, or minor repairs, are expected to be
substantially completed this year.
TOWER advised the market on 22 August 2014 of a $30 million reduction in the
funds required by the Reserve Bank of New Zealand to be held as part of its
additional Minimum Solvency Margin requirement, acknowledging its solid
progress in settling Canterbury claims.
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/about-us/canterbury-earthquake.
ENDS
Michael Boggs
Chief Financial Officer
TOWER Limited
ARBN 088 481 234 Incorporated in New Zealand
For further information, please contact:
Tracey Palmer
Head of Corporate Communications
Mobile: +64 21 837 860
Email: [email protected]
End CA:00254316 For:TWR Type:GENERAL Time:2014-08-25 09:55:40
