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- Release Date: 17/09/13 12:11
- Summary: GENERAL: TWR: TOWER confirms intention to return capital
- Price Sensitive: No
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TWR
17/09/2013 10:11
GENERAL
REL: 1011 HRS Tower Limited
GENERAL: TWR: TOWER confirms intention to return capital
17 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
TOWER confirms intention to return capital
TOWER Limited advises that it intends to return to shareholders as soon as
practical an initial $70 million of capital realised from the sale of the
majority of its life insurance business.
Chief Executive Officer David Hancock said TOWER remained committed to
returning a total of $114.5 million to shareholders as and when was
appropriate.
Mr Hancock said TOWER had always ensured that it was strongly capitalised,
above minimum solvency requirements, and would continue to take this prudent
approach to its capital management programme.
"We continue to review our capital management plan following the issue of
full insurance licences for our general insurance and retained life insurance
businesses," he said.
With minimum solvency margin requirements now confirmed, it was appropriate
that some capital realised from the execution of TOWER's strategic review,
and which was surplus to capital and business requirements, was returned to
shareholders, Mr Hancock said.
TOWER will confirm the process and timing for the initial return of $70
million of capital to shareholders shortly.
ENDS
David Hancock
Chief Executive Officer
TOWER Limited
ARBN 088 481 234 Incorporated in New Zealand
For further information, contact
Tracey Palmer
Head of Corporate Communications
DDI +64 9 369 2017
End CA:00241204 For:TWR Type:GENERAL Time:2013-09-17 10:11:20
