Tower shareholders approve Dai-Ichi deal
Tower Australia’s non-Dai-Ichi Life shareholders have voted overwhelmingly in favour of a scheme of arrangement whereby Dai-Ichi would acquire all ordinary shares in Tower Australia that it does not already own.
In a statement to the Australian Securities Exchange (ASX), Tower stated that it would apply to the Federal Court for approval of the scheme at a hearing scheduled for 21 April.
Subject to that approval non-Dai-Ichi Life shareholders would then be entitled to $4 cash per share, expected to be paid on 11 May, Tower stated.
This represents a premium of 46.5 per cent to the ASX closing price of Tower Australia shares on 24 December 2010, the last day of trading before the Dai-Ichi Life offer was announced, according to Tower.
More than 97 per cent of non-Dai-Ichi Life shareholders and 99.78 per cent of total shareholders voted in favour of the resolution, according to Tower.
The proposed ownership change would add to the strength of the company, expanding services to customers and providing more opportunities for the business and its staff, said Tower chairman Rob Thomas.
Dai-Ichi Life intends that the Tower board remain unchanged, although Dai-Ichi Life may add one of its own directors to the board, he said.
Recommended for you
The FSCP has announced its latest verdict, suspending an adviser’s registration for failing to comply with his obligations when providing advice to three clients.
Having sold Madison to Infocus earlier this year, Clime has now set up a new financial advice licensee with eight advisers.
With licensees such as Insignia looking to AI for advice efficiencies, they are being urged to write clear AI policies as soon as possible to prevent a “Wild West” of providers being used by their practices.
Iress has revealed the number of clients per adviser that top advice firms serve, as well as how many client meetings they conduct each week.
