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| Home : Dominion Citrus Income Fund (TSX:DOM.UN) and Dominion Citrus Limited (TSX:DMN.PR.A): Insurance Proceeds/Amendments to Credit Facility/Rights Offering Update |
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Jun 16
2011 |
Dominion Citrus Income Fund (TSX:DOM.UN) and Dominion Citrus Limited (TSX:DMN.PR.A): Insurance Proceeds/Amendments to Credit Facility/Rights Offering Update |
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TORONTO, ONTARIO--(Marketwire - June 16, 2011) - Dominion Citrus Income Fund (the "Fund")(TSX:DOM.UN) and Dominion Citrus Limited ("DCL")(TSX:DMN.PR.A)(together the "Company" or "Dominion") jointly announce an agreement with one of their main insurers for payment to the Company of $712,106.65 in insurance proceeds. In January 2011 the Company identified a long trail of suspicious transactions over the years 2003 to 2010, originated by a then existing finance employee. The Company has conducted a formal investigation which culminated in a proof of loss being submitted to its insurer under its crime insurance bond. After review and investigation by the insurer, it was determined that the events qualified for restitution to the Company. The Company has executed a release and subrogation agreement and awaits final payment within 30 days. |
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| Source:http://www.marketwire.com/mw/release.do?id=1528028&sourceType=3 |
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