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- Release Date: 26/11/13 10:33
- Summary: BUYBACK: TWR: NZ$70m Pro rata Voluntary Share Buy Back @ $NZ1.81
- Price Sensitive: No
- Download Document 2.53KB
TWR
26/11/2013 08:33
BUYBACK
REL: 0833 HRS Tower Limited
BUYBACK: TWR: NZ$70m Pro rata Voluntary Share Buy Back @ $NZ1.81
26 November 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
NZ$70m Pro rata Voluntary Share Buy Back @ NZ$1.81
Further to its announcement of 17 September 2013 where TOWER Limited advised
that it intended to return to shareholders $70 million of capital realised
from the sale of the majority of its life insurance business, TOWER confirms
that it intends to return that capital by way of an off-market, pro rata
voluntary share buy back (Buy Back).
Under the Buy Back, all shareholders will be treated alike and given the
opportunity to receive $1.81 (being the volume weighted average price for the
five trading days prior to the announcement of 17 September 2013) for every
share sold into the Buy Back. The Buy Back is voluntary, so shareholders may
choose not to participate in the Buy Back offer. However, to ensure the
return is tax effective for shareholders, the Buy Back is conditional on
sufficient acceptances being received from shareholders to return an amount
equivalent to at least 10% of TOWER's average market capitalisation (at the
time of this announcement) - this minimum amount is approximately $35 million
of the total $70 million Buy Back amount. No brokerage will be charged by
TOWER for those shareholders that accept the Buy Back offer.
The repurchased shares will be cancelled, with fractions of a share rounded
up or down to the nearest whole share. TOWER will pay shareholders NZ$1.81
for each repurchased share. Shareholders with an address on the register in
Australia will be paid in Australian dollars at the conversion rate
applicable on the record date. The proposed timetable provides that the
record date is Friday 6 December 2013, the Offer Document will be sent to
shareholders on Tuesday 10 December 2013, and that the Offer will close on
Thursday 23 January 2014, with a payment date of Friday, 31 January 2014.
These dates may be changed at TOWER's discretion.
Further details of the Buy Back offer, as well as instructions for completing
the Acceptance Form, will be detailed in the Offer Document. Shareholders
entitlements will be included on the Acceptance Form.
Michael Boggs
Chief Financial Officer
TOWER Limited
ARBN 088 481 234 Incorporated in New Zealand
End CA:00244285 For:TWR Type:BUYBACK Time:2013-11-26 08:33:48
