Mon, 13 Sep 2004
TOWER Limited today announced that, following an internal strategic review of its business portfolio, the Directors are proposing spinning off TOWER's Wealth Management business in Australia (Bridges and TOWER Trust) through a separate listing on the Australian Stock Exchange, with existing TOWER shareholders retaining an ownership interest in that business.
The Directors believe that as TOWER moves from a remediation phase into delivering profitable growth, the proposed spin off of TOWER's Australian Wealth Management business would provide a more focused strategy for both separately listed entities which should enhance shareholder value.
The Directors have appointed Caliburn Partnership to review the proposal and the Company will report on the outcome of the review.
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