Key Developments: TOWER Ltd (TWR.NZ)

TWR.NZ on New Zealand Stock Exchange

17 Sep 2014
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Latest Key Developments (Source: Significant Developments)

Tower Ltd completes shareholding buyback scheme
Sunday, 14 Sep 2014 09:00pm EDT 

Tower Ltd:Says that it has completed shareholding buyback scheme, announced on May 27, 2014.Under this scheme, TOWER bought back and cancelled 2,395,681 ordinary shares at NZ$1.72 per share, for a total consideration of $4,120,571.This represents 1.34 pct. of TOWER’s ordinary shares on issue.Says following the cancellation TOWER has 175,749,449 shares on issue.  Full Article

Tower Ltd confirms unconditional sale of residual life business
Sunday, 24 Aug 2014 03:30pm EDT 

Tower Ltd:Confirms that all conditions for the sale of residual life insurance business to Foundation Life (NZ) Holdings Limited (Foundation Life) for NZ$ 36 million have been satisfied.Says sale was announced on July 1.  Full Article

A.M. Best Affirms Ratings of Tower Ltd and subsidiaries
Sunday, 27 Jul 2014 05:00pm EDT 

Tower Ltd:Says A.M. Best has affirmed the financial strength rating of A- and the issuer credit ratings (ICR) of “a-” of TOWER Insurance Limited (TIL) and TOWER Life (N.Z.) Limited (TLNZ).Says A.M. Best also has affirmed the ICR of “bbb-” of the parent holding company, TOWER Limited (TL).Says tThe outlook for all ratings remains negative.Says all companies are domiciled in New Zealand.  Full Article

Tower Ltd sells remaining Life business to Foundation Life
Monday, 30 Jun 2014 05:00pm EDT 

Tower Ltd:Says that it has sold its remaining life business, TOWER Life (N.Z.) Limited to Foundation Life (NZ) Holdings Limited.The aggregate value of the transaction is $36 million.  Full Article

Tower Ltd announces half year dividend
Monday, 26 May 2014 04:33pm EDT 

Tower Ltd:Says board had determined that a half year dividend of 6.5 cents per share (unimputed) appropriately reflected the company’s performance and would be paid for the six months ended March 31, 2014.  Full Article

Tower Ltd announces ownership interest of Westpac Banking Corp
Monday, 3 Mar 2014 12:37am EST 

Tower Ltd:Says Westpac Banking Corp has an interest of 13,509,293 ordinary shares representing 7.58 pct of voting power in the company.  Full Article

Tower Ltd announces interest holdings by Accident Compensation Corp
Sunday, 2 Feb 2014 11:21pm EST 

Tower Ltd:Says Accident Compensation Corp holds 29,048,308 shares representing 7.246 pct in the share capital of the company.  Full Article

Tower Ltd announces holding interest by Blair Cooper
Sunday, 2 Feb 2014 11:06pm EST 

Tower Ltd:Says Blair Cooper holds 15,220,376 Ordinary shares representing 7.346 pct in the share capital of the company.  Full Article

Tower Ltd announces update on buyback offer
Thursday, 9 Jan 2014 05:10pm EST 

Tower Ltd:Has written to shareholders in advance of the closing date for the buy back offer of Jan. 23.Says the offer is conditional on TOWER receiving valid acceptances to the offer representing, in aggregate, at least 19,460,166 TOWER shares (being at least 10 pct. of TOWER's market capitalisation on Nov. 26, 2013, the date detailed buy back information was announced).Says for those shareholders who still wish to accept the offer, TOWER suggests they act now to ensure their acceptance form is received before the closing date.  Full Article

Tower Ltd announces ownership interest of Westpac Banking Corp
Wednesday, 4 Dec 2013 12:38am EST 

Tower Ltd and Westpac Banking Corp:Says Westpac Banking Corp and its associated companies holds 10,397,169 ordinary shares of Tower Ltd, representing 5.02 pct voting power in Tower, effective Dec.2.  Full Article

New Zealand's Tower sells rest of life business

WELLINGTON, July 1 - New Zealand insurance company Tower Ltd said on Tuesday it had sold its remaining life insurance business to a private company, Foundation Life Holdings Ltd, for NZ$36 million ($31.5 million).

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