23 Apr 2014 11:21
23 April 2014
Nature Group plc ("Nature Group", the "Group" or the "Company")
Insurance Claim Settlement
Nature Group plc, (AIM:NGR), the provider of port reception facilities and waste treatment solutions for the oil, marine and process industries, is pleased to announce that, following extensive negotiations with its underwriters it has reached agreement on the settlement of the Company's insurance claim related to the substantial damage caused by the fire at the Company's storage facilities in Gibraltar on the 31st May 2011. Nature is pleased that agreement has been reached as the claim was initially repudiated by the underwriters.
The value of the settlement is £1.35m for both material damage and business interruption and will be recognised in the Company's financial statements for the year ended 31 December 2013.
In the course of the audit of the full year accounts for 2013, discussions with the Group's auditors have led to the decision to make a provision for £818,749 against a contract carried out for the Government of Gibraltar for the disposal of contaminated soils. In executing this contract Nature was presented with a number of material and unplanned challenges, mainly the water content of the dredged material being higher than contracted for, and also extreme weather conditions on a number of the days, which together necessitated considerable extra logistical and operational costs. As a result the Group will be in continued discussions with the Government of Gibraltar who dispute Nature Group's claim. Compensation for the extra costs which the Group incurred in fulfilling the disposal in a safe and timely fashion is being sought.
The Group's financial statements for the year ended 31 December 2013 will be published on 8 May 2014.
Enquiries:
Nature Group PLC |
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Nigel Sandy, Chairman | Tel: +44 (0)1208 816 744 |
Andreas Drenthen, CEO Kieron Becerra, CFO | Tel: +31 1812 911 44 Tel: + 350 200 73905 |
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Cenkos Securities plc |
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Neil McDonald | Tel: +44 (0)131 220 9771 / +44 (0)207 397 1953 |
Beth McKiernan | Tel: +44 (0)131 220 9778 / +44 (0)207 397 1950 |
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Hermes Financial PR |
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Chris Steele | Tel: +44 (0)7979 604 687 |
Trevor Phillips | Tel: +44 (0)7889 153 628 |
About Nature Group:
A company with more than 25 years' experience in waste water treatment and a corporate social responsibility (CSR) strategy that enables us to respond to the ever expanding and demanding legislative framework.
Nature Group combines port reception services and facilities, offshore treatment services and the latest sustainable waste treatment technologies in a steadily growing global network. Nature Group is traded on the AIM market, (ticker: NGR). www.ngrp.com>