Tower takeover implemented
The Australian Securities Exchange (ASX) has suspended the trading of shares in Tower Australia Group now that the scheme of arrangement between Tower and its shareholders has come into effect.
Tower stated it had lodged a copy of the court order approving the scheme with the Australian Securities and Investments Commission (ASIC) yesterday, making the scheme effective.
Non-Dai-Ichi Life shareholders who hold shares on 4 May, 2011 will be entitled to receive $4 in cash per share, which will be paid within five business days of the implementation date of 11 May.
Last week, Tower’s non-Dai-Ichi Life shareholders voted overwhelmingly in favour of the takeover by the Japanese insurer.
Recommended for you
Money Management examines the share price of financial advice licensees over one year to 31 March, with M&A actions in the final quarter having a positive effect for two licensees.
A $3.5 million settlement for victims of Melissa Caddick has been approved by the Federal Court following an initial agreement last December.
The Reserve Bank of Australia has delivered its first rate decision since the introduction of a new board structure last month.
Digital advice provider Otivo has launched an interactive tool, powered by artificial intelligence and Otivo’s own advice engine, to help answer client questions.
