- Release Date: 25/08/14 08:30
- Summary: ASSET: TWR: TOWER confirms unconditional sale of residual life business
- Price Sensitive: No
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TWR 25/08/2014 08:30 ASSET REL: 0830 HRS Tower Limited ASSET: TWR: TOWER confirms unconditional sale of residual life business 25 August 2014 Market Information NZX Limited Level 2, NZX Centre 11 Cable Street Wellington New Zealand Company Announcements Office Australian Securities Exchange Limited Exchange Centre Level 6, 20 Bridge Street Sydney NSW 2000 Australia TOWER confirms unconditional sale of residual life business TOWER Limited (NZE/ASX: TWR) is pleased to confirm that all conditions for the sale of its residual life insurance business to Foundation Life (NZ) Holdings Limited (Foundation Life) for $36 million have been satisfied. The sale was announced on 1 July 2014. TOWER Chief Executive Officer David Hancock today confirmed that arrangements are underway for completing the transaction. Settlement is expected to take place on 29 August 2014. "TOWER is committed to delivering attractive shareholder returns by growing a general insurance business that is a leading light in New Zealand and the Pacific. We see opportunities for growth and are very focused on increasing our market share in general insurance, particularly in key personal lines. "TOWER Life (N.Z.) Limited has performed well and delivered solid results, and we expect the business to continue to flourish under new ownership", said Mr Hancock. Mr Hancock added that the management of risk and capital remains a key element of TOWER's strategy to grow shareholder returns. TOWER will provide a capital update to the market when it releases its full year results in November 2014. ENDS Michael Boggs Chief Financial Officer TOWER Limited ARBN 088 481 234 Incorporated in New Zealand For further information, please contact: Tracey Palmer Head of Corporate Communications TOWER Limited Mobile: +64 21 837 860 Email: [email protected] End CA:00254283 For:TWR Type:ASSET Time:2014-08-25 08:30:06
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Ann: ASSET: TWR: TOWER confirms unconditional sale of residual life business
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