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Tower shareholders deliberating over GPG takeover

Tuesday 17th June 2008

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Approximately 8,700 Tower shareholders have, by the close of business on 16 June, responded to the partial takeover offer by GPG Twenty One Limited (GPG).

There are two decisions which shareholders have been asked to make:

1. Whether to approve GPG making an offer which would result in GPG controlling 35% of the voting rights of Tower. A simple majority of shares voted is required and of the 28.98 million shares voted to date, 89.1% are in favour

2. Whether to accept the GPG offer of NZ$2.30 per share in respect of their own shares.

To date holders of 27.54 million shares or 14.36% of total shares on issue have accepted. The minimum acceptance level required under the offer is 15.3% of shares on issue.

The offer closes at 7pm (NZ time) on Thursday 19 June (unless extended by GPG).

GPG advised the Stock Exchange on 28 May that the offer period will not be extended.

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