As stated in Company release no. 35 / 2010 – Interim release Tower Group A/S has been selected for accounting control by the Danish Commerce and Companies Agency for the financial year 2008/09.
13 January 2011 the Danish Securities Council arrived at a ruling for five of the six points, which the accounting control case included. As a consequence of this ruling, the Company announced corrective / additional information to the Annual Report 2008/09 in company release no. 5, 14 February 2011.
One point, the calculation of the fair value for the Company's investment properties where the Company has applied the DCF model, remained outstanding.
In continuation of Company release no. 24, 8 May 2011, wherein the Company clarified that the Company should provide new documentation in regards to this outstanding point, including a full explanation for the selection of certain parameters in the DCF model, no later than 16 May 2011, the Company herewith announces that the Danish Commerce and Companies Agency as secretariat for the Security Council 17 June 2011 has informed the Company that after reviewing the documentation submitted by the company, the secretariat does not find that the company has made it plausible that the specific method used for determining fair value of investment properties, where the debt share in trade of property is estimated on the basis of equity share in a peer-group, is generally adequate. The secretariat finds, however, that any deviation in determining the fair value of the investment properties cannot be considered significant. In this light the secretary finds no reason to take further actions regarding the Annual Report 2008-2009.
The accounting control case is therefore considered concluded.
Best regards
Tower Group A/S
Jens Erik Christensen
Chairman of the Board
Questions regarding this release can be directed to chairman Jens Erik Christensen, on tel.: +45 40 61 90 90.
