The payment comes after KPT’s insurer Primacy Underwriting Management Pty Ltd accepted the insurance claim for losses.
The balance of the claim is being progressed by the insurer and further details will be released once the claim has been finalised.
Revising business plan
The company is revising its business plan, taking into account short and longer term opportunities following the fire events disclosed previously.
As part of that consideration, the board is discussing with the Commonwealth Bank the terms of its existing financing schedule.
At 31 December 2019, $27.7 million of the $57.1 million CBA loan facility was drawn with $3.3 million available at the time for immediate drawdown.
The company will continue to advise the market as it determines its options for rebuilding the business.