TAL is raising approximately A$96 million through a 1 for 7 renounceable pro rata entitlement offer to continue to pursue and support its growth opportunities as they arise over the medium term. The Entitlement Offer price is A$1.85 per share (or NZ$2.29 per share for eligible shareholders resident in New Zealand). The Entitlement Offer is only being extended to shareholders in TOWER Australia who hold TAL shares at 7.00pm (AEST) on Friday, 4 June 2010 with registered addresses in Australia or New Zealand who are not in the United States or a U.S. person or acting for the account of a U.S. person.
Tower is a leading provider of life insurance, risk, superannuation and retirement solutions.
TOWER Australia Group Limited separated from TOWER Limited (the New Zealand businesses of the Group) on the 20th of November 2006 by way of formal shareholder and court approved demerger. The separation allows each business to focus on its own strategies for growth and simplifies the structure of the businesses, making it easier to evaluate their performance and potential.
TOWER’s origins go back to 1869 when the Government Life Insurance Office (Government Life) was created in New Zealand with its initial capital provided by the New Zealand government. Government Life was renamed TOWER in 1990 and TOWER entered Australia with the purchase of its first Life Insurance business in 1990.
In 1999, TOWER undertook a demutualisation process with the approval of its policyholders and the High Court. The effect of this was to convert TOWER’s legal status to a shareholder owned company. Subsequent to the demutualisation, TOWER Limited undertook a listing on the Australian and New Zealand stock exchanges in September 1999.
Following the formal demerger and separation TOWER Australia Group Limited (TAL) listed on the Australian Stock Exchange on 21 November 2006 and TOWER Limited remains listed on the New Zealand and Australian Stock Exchanges.
Tower is now TAL Click here
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