15-03-2011, 08:44 AM
(15-03-2011, 01:25 AM)yyt Wrote: Response from Saizen...
"Thank you for your email enquiry and your concern for us.
As you may imagine, we are swamped with enquiries from different parties, including investors. So please accept our apologies for the delay in replying.
Regarding your first question, as disclosed in our IPO prospectus, Saizen does not generally maintain earthquake insurance on its properties. We believe this is consistent with industry practice in Japan for residential rental buildings. In general, these types of risks (such as war risk, risks of acts of terrorism, risk of nuclear contamination and risks of earthquakes) may be uninsurable or the cost of insurance may be prohibitively high when compared to the risk.
We will know very soon the full extent of the damages to our buildings (as we make further announcements). Our properties are in city center of Sendai where damages are relatively minor as compared with what you might have seen on TV, which are mainly tsunami-related in districts closer to the coast.
Regarding your second question, we have no immediate plans to raise new funds because of the earthquake.
Please let us know if you have further questions."
Hope for the best.... this means there's no insurance!