11th Nov 2014 09:00
LONDON (Alliance News) - Shares in HydroDec Group PLC on Tuesday rose after the company said it reached a settlement on the insurance payments due from the fire at its Canton re-refinery in Ohio in December 2013.
The company said the gross value of the claim has been settled at USD20 million. Following deduction of property damage and business interruption excesses totalling USD1.25 million, the company said it will receive USD18.75 million in the settlement.
This means HydroDec will get a further USD3.05 million in addition to the USD15.7 million in payments it has already received.
"We are extremely pleased that the insurance claim is now resolved and with the outcome of the negotiations. This now enables the company to move beyond a difficult chapter in our history and allows us to rebuild with confidence, fully funded, to recapture the growth, momentum and potential of the US transformer oil business interrupted by the incident in December 2013," said HydroDec Chief Executive Officer Ian Smale.
HydroDec shares were up 5.1% to 8.80 pence on Tuesday, making it one of the best performers in the AIM All-Share.
By Sam Unsted; [email protected]; @SamUAtAlliance
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