Forgive one for saying .. but it looks like I & others haven't missed out on anything much
in just over a month while busy elsewhere .. ;)
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I see Suncorp has settled with EQC which is interesting. Details are commercially sensitive so we don't know what split they agreed but this has to be slightly good news for Tower as Suncorp have got a settlement without going to court. Will Tower announce a deal with EQC at their half year results?
https://www.afr.com/companies/financ...0201118-p56fr1
IAG found liable to pay for business interruption costs & losses due to Covid-19.
TWR offers business interruption insurance so could be impacted.
Lets hope this doesn't impact Tower here in NZ as IAG are taking this seriously, as they should. Australian ruling but one does wonder if this will open some doors for challenging claim outcomes here in NZ
IAG Group statement
"From a financial perspective, given the anticipated increase inbusiness interruption-related claims, we’ve announced today an estimatedpost-tax provision of approximately $865 million to cover pandemic relatedlosses. In response to this, we are undertaking a capital raising of up to $750million to help strengthen our balance sheet. This will be via a fullyunderwritten institutional placement of $650 million, and a non-underwrittenshare purchase plan up to $100 million for our retail shareholders.
Thats good news and hopefully same for Tower .Thanks for update
https://www.nzx.com/announcements/363819 - finally settled!