Australia

Kangaroo Island Plantation Timbers receives first $10 million insurance payment

Kangaroo Island Plantation Timbers Ltd (ASX:KPT) has received a first progress payment of $10 million from its timber insurance policy.

The payment comes after KPTs insurer Primacy Underwriting Management Pty Ltd accepted the insurance claim for losses.

The balance of the claim is being progressed by the insurer and further details will be released once the claim has been finalised.

Revising business plan

The company is revising its business plan, taking into account short and longer term opportunities following the fire events disclosed previously.

As part of that consideration, the board is discussing with the Commonwealth Bank the terms of its existing financing schedule.

At 31 DecembeRead More – Source