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- Release Date: 30/09/13 14:18
- Summary: GENERAL: TWR: GPG divests stake in TOWER
- Price Sensitive: No
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TWR
30/09/2013 11:18
GENERAL
REL: 1118 HRS Tower Limited
GENERAL: TWR: GPG divests stake in TOWER
30 September 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
GPG divests stake in TOWER
GPG has divested its 33.60% stake in TOWER.
TOWER Chairman Michael Stiassny said today TOWER understood that GPG's
shareholding had been sold predominantly to institutional investors.
Mr Stiassny said GPG had signalled to the market for some time its desire to
return value to its own shareholders.
"GPG has been a long-standing shareholder, whom we would like to thank for
its contribution to TOWER over the past decade," he said.
Mr Stiassny welcomed a wider range of investors, and said it showed market
support for TOWER as it moved into its new phase as a focused general
insurer.
"TOWER has been protecting the things that New Zealanders care about for more
than 140 years and is one of New Zealand's most enduring financial
institutions. Clearly our new investors see value in our business and we look
forward to engaging with them over the coming months," he said.
The 33.60% share in TOWER consisted of 69,614,743 shares, which were traded
at $1.70 per share.
ENDS
Michael Stiassny
Chairman
TOWER Limited
ARBN 088 481 234 Incorporated in New Zealand
For further information, please contact:
Tracey Palmer
Head of Corporate Communications
DDI +64 9 369 2017
End CA:00241771 For:TWR Type:GENERAL Time:2013-09-30 11:18:21
