The Company has become aware that there is a printing error in the official Danish version of the annual report in the section “Expectations for the financial year 2011”. The section is printed:
“As the financial year 2011 is still expected to be affected by the implementation of the restructuring, the expectations for the year is a result of DKK 0.0 to 10.0 million before tax and fair value adjustments of investment properties.
The first half of the financial year 2011 will be characterised by the creation of a new budget model based on a property balanced CAPEX planning to support the S6 restructuring statement to be used for the final negotiations with the banks about a revision of the stand-still agreements.
At the same time, a pre-emptive rights issue is prepared which is expected to be implemented at the end of June 2011, provided that an agreement is made with the banks. As a consequence of the negotiations with the banks, a cash flow financed CAPEX plan focussing on different CAPEX schemes and repairs of tenancies will be started during the second half of the financial year 2011.
From September 2010 the Company has seen a number of favourable trends: The number of vacant tenancies has been reduced, and the set-up regarding collection of rent and the registration of vacant units has been strengthened. As an effect of the restructuring, the expectation for the year is a result of DKK 20.0 to 30.0 million before tax and value adjustments of investment properties.”
The expectations to the result for 2011 should of course have been stated identically in the first and third paragraph. The correct expectation is DKK 0.0 to 10.0 million before tax and value adjustment of investment properties and the third paragraph shall consequently be read:
“From September 2010 the Company has seen a number of favourable trends: The number of vacant tenancies has been reduced, and the set-up regarding collection of rent and the registration of vacant units has been strengthened. As an effect of the restructuring, the expectation for the year is a result of DKK 0.0 to 10.0 million before tax and value adjustments of investment properties.”
In the English version of the annual report the expectations are printed correctly.
Best regards
Tower Group A/S
Martin Coté
CEO
Questions regarding this release can be directed to Martin Coté, CEO, on tel.: +420 725 716 755.
