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- Release Date: 10/12/13 19:26
- Summary: BUYBACK: TWR: TOWER Limited buy back Offer opens
- Price Sensitive: No
- Download Document 1.83KB
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
