- Release Date: 10/12/13 19:26
- Summary: BUYBACK: TWR: TOWER Limited buy back Offer opens
- Price Sensitive: No
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TWR 10/12/2013 17:26 BUYBACK REL: 1726 HRS Tower Limited BUYBACK: TWR: TOWER Limited buy back Offer opens 10 December 2013 Market Information NZX Limited Level 2, NZX Centre 11 Cable Street Wellington New Zealand Company Announcements Office Australian Stock Exchange Limited Exchange Centre Level 6, 20 Bridge Street Sydney NSW 2000 AUSTRALIA TOWER Limited buy back Offer opens TOWER Limited (TOWER) has today written to shareholders, offering to buy back 1 in every 5 TOWER shares at NZ$1.81 per share (Offer). On 17 September 2013, TOWER announced its plan to return $70 million of capital to shareholders. The capital, raised through the sale of the majority of TOWER's Life business, is surplus to TOWER's capital and business requirements. The return of capital will occur by way of an off-market, pro rata voluntary share buy back. Shareholders will receive NZ$1.81 for each share sold. As previously announced, the record date for the offer was Friday 6 December 2013. The Offer closes on Thursday 23 January 2014 (at 7.00pm New Zealand time), with a proposed repayment date of Friday 31 January 2014. If shareholders wish to accept the Offer, TOWER suggests they act now to ensure their acceptance form is received before the closing date. The Offer is subject to a number of conditions including TOWER receiving valid acceptances to the Offer representing, in aggregate, at least 19,460,166 shares (being at least 10% of TOWER's market capitalisation on 26 November 2013, the date detailed buy back information was announced). Further details about the Offer and how to accept it are included in the cover letter, Offer document and acceptance form attached to this announcement. Michael Boggs Chief Financial Officer TOWER Limited ARBN 088 481 234 Incorporated in New Zealand End CA:00244972 For:TWR Type:BUYBACK Time:2013-12-10 17:26:23
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