Video | Agriculture | Confidence | Economy | Energy | Employment | Finance | Media | Property | RBNZ | Science | SOEs | Tax | Technology | Telecoms | Tourism | Transport | Search

 


Tower Clarifies Rights Issue And Underwriting

MARKET RELEASE
For Immediate Release
7 July 2003

Tower Clarifies Rights Issue And Underwriting Arrangements

TOWER Limited confirmed today that the Underwriter of its NZ$210.8 million renounceable Rights issue, Guinness Peat Group plc (GPG) and Organising Broker JB Were (NZ) Limited are currently arranging a broad panel of substantial Sub-underwriters. The Panel of Sub-underwriters has not yet been finalised. GPG are obliged to complete the sub-underwriting arrangements by 11 July 2003. Details are expected to be finalised earlier than that. The appointment of Sub-underwriters is subject to TOWER’s approval.

TOWER was confident that its agreement with GPG complied fully with the NZX Listing Rules. The agreement contains appropriate provisions recognising the need to obtain a NZX waiver from Listing Rule 9.2 (Related party transactions). TOWER made application to the NZX for the appropriate waiver on Saturday. NZX have confirmed this morning that the waiver has been granted subject to certain conditions. Full details are provided in the NZX announcement.

TOWER has also supplied to NZX information regarding its arrangements with GPG. NZX have confirmed this morning that it does not disagree with TOWER’s determination that the arrangement is in compliance with Listing Rule 7.5.

Trading in TOWER securities will commence on NZX as usual today when the markets open. The Record Date for calculation of entitlements to new shares as a result of the Rights issue will be 5pm (NZ time) Friday 11 July 2003.

Share trading on ASX

Shares traded on ASX as from today will be ex-Rights. This means that the right to subscribe for new shares as a result of the Rights issue will remain with the seller of shares and will not pass to the buyer. This applies only to shares traded on ASX.

ENDS

© Scoop Media

 
 
 
 
 
Business Headlines | Sci-Tech Headlines

 

Half A Billion Accounts: Yahoo Confirms Huge Data Breach

The account information may have included names, email addresses, telephone numbers, dates of birth, hashed passwords (the vast majority with bcrypt) and, in some cases, encrypted or unencrypted security questions and answers. More>>

Rural Branches: Westpac To Close 19 Branches, ANZ Looks At 7

Westpac confirms it will close nineteen branches across the country; ANZ closes its Ngaruawahia branch and is consulting on plans to close six more branches; The bank workers union says many of its members are nervous about their futures and asking ... More>>

Interest Rates: RBNZ's Wheeler Keeps OCR At 2%

Reserve Bank governor Graeme Wheeler kept the official cash rate at 2 percent and said more easing will be needed to get inflation back within the target band. More>>

ALSO:

Half Full: Fonterra Raises Forecast Payout As Global Supply Shrinks

Fonterra Cooperative Group, the dairy processor which will announce annual earnings tomorrow, hiked its forecast payout to farmers by 50 cents per kilogram of milk solids as global supply continues to decline, helping prop up dairy prices. More>>

ALSO:

Results:

Meat Trade: Silver Fern Farms Gets Green Light For Shanghai Maling Deal

The government has given the green light for China's Shanghai Maling Aquarius to acquire half of Silver Fern Farms, New Zealand's biggest meat company, with ministers satisfied it will deliver "substantial and identifiable benefit". More>>

ALSO:

Get More From Scoop

 
 
 
 
 
 
 
 
 
Business
Search Scoop  
 
 
Powered by Vodafone
NZ independent news