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Tower to announce plan to mop up small shareholdings

Jonathan Underhill

Friday 20th June 2008

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Tower Ltd., the New Zealand insurer that's 35% owned by Guinness Peat Group, will announce plans to mop up small shareholdings after its biggest investor increased its stake.

Smaller shareholders may have had their stakes reduced below the minimum tradable on the NZX or ASX after accepting GPG's offer this week, Tower said in a statement. Tower plans to offer a scheme allowing small parcels of shares to be sold in a cost-effective way, it said.

More than 80% of Tower's shareholders opted to retain their holdings, it said.


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