UPDATE Lyttelton Port shares close at record after $438.3 mln insurance deal

Thu, 19 Dec 2013

(Updated to include share price gain, investor voice) By Paul McBeth Dec. 19 (BusinessDesk) - Shares in Lyttelton Port Co closed at a record high since the South Island’s biggest port listed in mid-1996 after the company reached a settlement with its three insurers for a $438.3 million payout plus GST. The shares jumped 34 percent to $3.24 after the port reached a settlement with Vero, NZI and QBE in what will be one of the biggest insurance payouts the country’s ever seen. The parties agreed on a gross amount of $450 million minus deducti...

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