Fotherington Insurance Group
a Second Life company
a Second Life company
Press Release - 23 Oct 08
23/10/08 Purchase of land and new headquarters
Today the company has acquired 15,360 m2 of new land and a headquarters.
The headoffice is located at Wetherbee (205,69,38)
The new land cost L$55,000, at L$3.6 per m2. in accordance with our prudent account policies we wrote the land down to L$2.0 per m2, which is a value that we feel confident that we could sell the land for quickly.
this is to allow our customers to get an accurate understanding of the capital available to the company as security against the insurance underwritting.
under the same principal, because the headquarters can not be resold, we wrote the building down to nil.
Today the company has acquired 15,360 m2 of new land and a headquarters.
The headoffice is located at Wetherbee (205,69,38)
The new land cost L$55,000, at L$3.6 per m2. in accordance with our prudent account policies we wrote the land down to L$2.0 per m2, which is a value that we feel confident that we could sell the land for quickly.
this is to allow our customers to get an accurate understanding of the capital available to the company as security against the insurance underwritting.
under the same principal, because the headquarters can not be resold, we wrote the building down to nil.
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