1 May 2015 – insurance claim
Some very positive news for shareholders with regards to the insurance claim following the fire at Swansea has seen the shares jump. The claim, for which the insurers accepted full responsibility, was made up of replacement costs of property, plant and equipment and three years’ business interruption and has been settled on the basis that the insurers will pay Pure Wafer a cash sum in full and final settlement of all claims arising out of the fire. The Swansea facility will not be reinstated and the company will continue its operations in Prescott, Arizona, returning surplus funds to shareholders once all attendant liabilities have been settled. This will be significantly more than 59.59p per share, the average share price in recent months, but unlikely to be more than 125p. Continue to HOLD ahead of further details.