GPG divests stake in TOWER

30 Sep 2013 

GPG has divested its 33.60% stake in TOWER.

TOWER Chairman Michael Stiassny said today TOWER understood that GPG’s shareholding had been sold predominantly to institutional investors.

Mr Stiassny said GPG had signalled to the market for some time its desire to return value to its own shareholders.

“GPG has been a long-standing shareholder, whom we would like to thank for its contribution to TOWER over the past decade,” he said.

Mr Stiassny welcomed a wider range of investors, and said it showed market support for TOWER as it moved into its new phase as a focused general insurer.

“TOWER has been protecting the things that New Zealanders care about for more than 140 years and is one of New Zealand’s most enduring financial institutions. Clearly our new investors see value in our business and we look forward to engaging with them over the coming months,” he said.

The 33.60% share in TOWER consisted of 69,614,743 shares, which were traded at $1.70 per share.