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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Mcdonalds Corp | TG:MDO | Tradegate | Ordinary Share |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
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0.50 | 0.22% | 232.45 | 232.15 | 232.45 | 232.85 | 232.05 | 232.75 | 1,978 | 10:31:02 |
RNS Number:2704R Mandarin Oriental International Ld 24 October 2003 For immediate release MANDARIN ORIENTAL REACHES SETTLEMENT ON SARS INSURANCE CLAIMS 24th October 2003 - Mandarin Oriental International Limited today announced that it had reached a US$16 million settlement of insurance claims for losses arising on business interruption caused by the outbreak of SARS. The Group has been significantly impacted by the outbreak of SARS and claims against insurance cover for attributable losses for business interruption have been made. A US$2.5 million interim payment was received and accounted for in the Company's interim results, and the Group will now receive an additional US$13.5 million payment from its insurers, making a total settlement of US$16 million. The total amount will be included in the full year results for 2003 as income. Commenting on the agreed settlement Chief Financial Officer, John Witt, said, "We are pleased to have reached this settlement with our insurers as it will go some way in compensating the Group for the negative effect SARS had, particularly in Asia." "While the Group was fortunate to have this cover in place at the time of the outbreak, it was not possible to maintain the same scope of cover when the insurance policies were renewed on 1st July 2003," Mr Witt added. Mandarin Oriental is the award-winning owner and operator of some of the world's most prestigious hotels and resorts. In total, the Group operates 18 luxury hotels in key business and leisure destinations, with five additional hotels under development in New York (opening November 2003), Washington D.C. (opening spring 2004), Hong Kong (opening 2005) as well as Tokyo and Boston (opening 2006). Mandarin Oriental now operates some 7,000 rooms in eleven countries with nine hotels in Asia, six in The Americas and three in Europe. Mandarin Oriental is a member of the Jardine Matheson Group. - end - For further information, please contact: Mandarin Oriental Hotel Group International Limited John Witt (852) 2895 9131 Jill Kluge / Chantal Hooper (44) 207 529 9688 / (852) 2895 9288 e-mail: jillk@mohg.com / chantalh@mohg.com Matheson & Co. Limited Martin Henderson (44) 20 7816 8135 Golin/Harris Forrest Debbie Chu (852) 2501 7916 Weber Shandwick Square Mile Richard Hews Christian San Jose (44) 20 7067 0700 This and other Group announcements can be accessed through the Internet at 'www.mandarinoriental.com'. This information is provided by RNS The company news service from the London Stock Exchange END MSCKGMZGVDLGFZG
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