- 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
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- Ann: BUYBACK: TWR: NZ$70m Pro rata Voluntary Shar
Ann: BUYBACK: TWR: NZ$70m Pro rata Voluntary Shar
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Last
$1.38 |
Change
0.025(1.85%) |
Mkt cap ! n/a |
Open | High | Low | Value | Volume |
$1.36 | $1.38 | $1.35 | $382.9K | 280.1K |
Buyers (Bids)
No. | Vol. | Price($) |
---|---|---|
0 | 29393 | $1.36 |
Sellers (Offers)
Price($) | Vol. | No. |
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$1.38 | 69047 | 0 |
Last trade - 11.00am 04/10/2024 (20 minute delay) ? |
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