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Tower shareholders approve AWM spinoff

Tuesday 25th January 2005

Text too small?
Just seven hands were raised in opposition to the Tower Group's split of its Australian Wealth Management business.

The newly formed company will list on the Australian Stock Exchange on February 15.

AWM is primarily made up of two parts of the Tower Group - Bridge's, which offers master trust, financial planning and stock broking services; and Tower Trust provides trustee and funds management services to financial advisers and other businesses.

A special meeting in Wellington this morning approved the split with only seven dissenting votes. A second vote, to allow cornerstone shareholder Guinness Peat Group to underwrite the $NZ130 million rights issue of shares in AWM, was passed with only three dissenting votes.

Tower's existing shareholders are being allocated a set number of shares in AWM in proportion to their shares in Tower, along with an entitlement to buy more shares.

Although some shareholders queried the use of GPG to underwrite the offer, arguing that it gives the company, which already holds 19.1% of Tower Group, too much influence, chairman Olaf O'Duill told the meeting that finding an alternative could depress the value of Tower shares.

"It's only if Tower shareholders do not take up their offer in the now company that GPG will be able to take up its offer,'
O'Duill says.

"Any underwriter would have taken up that parcel of shares...we felt GPG would be the best party to underwrite this deal because this way there won't be an overhang of shares in the market place, thereby possibly decreasing the value of the shares."

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16 Aug 2010 OFFICE: TWR: Appointment of Officer
16 Aug 2010 SSH: TWR: SSH (Orbis Investment Management (Australia) Pty Ltd)
16 Aug 2010 SSH: TWR: SSH (Orbis Investment Management (Australia) Pty Ltd))
16 Aug 2010 SSH: TWR: SSH - (Orbis Group)
2 Aug 2010 GENERAL: TWR: AM Best Company Ratings
2 Aug 2010 OFFICE: TWR: TOWER Limited - Change of Australian Registered Office Addr
8 Jul 2010 RELINT: TWR: Disclosure of directors' interests
2 Jul 2010 ALLOT: TWR: Tower Ltd -Shares Issued under Dividend Reinvestment Plan
30 Jun 2010 INTERIM: TWR: Half Year Report 2010
28 Jun 2010 DRP: TWR: DRP strike price & AUD exchange rate
25 Jun 2010 GENERAL: TWR: Court of Appeal confirms TOWER's right to continue insuring
21 Jun 2010 WAV/RULE: TWR: Application for waiver from NZSX Listing Rule 7.11.1
28 May 2010 HALFYR: TWR: Media Release - Interim Dividend Confirms TOWER on track
28 May 2010 HALFYR: TWR: Results information pack
28 May 2010 HALFYR: TWR: Preliminary announcement for half year ended 31 March 2010
30 Mar 2010 ALLOT: TWR: Notice of allotment of shares
11 Mar 2010 ALLOT: TWR: Issue of shares under executive option plan
25 Feb 2010 ALLOT: TWR: Exercise of Options under Executive Share Plan
10 Feb 2010 DIRECTOR: TWR: Annual Meeting Results and Director Independence
9 Feb 2010 ADDRESS: TWR: TOWER AGM Address
8 Feb 2010 RELINT: TWR: Disclosure of directors' interests notices
2 Feb 2010 ALLOT: TWR: Issue of shares under Dividend Reinvestment Plan
25 Jan 2010 DRP: TWR: Issue price for DRP and exchange rate
15 Jan 2010 APPNDX7: TWR: Update re TWR tax credits for dividend
15 Jan 2010 APPNDX7: TWR: Tax Credits attaching final dividend
15 Jan 2010 RELINT: TWR: Exercise of Options
 
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