Tower in trans-Tasman split
Tower Australia Limited is to split from Tower New Zealand, with the Board recommending a geographic separation of the two businesses.
Tower Limited Chairman, Keith Barton said the board was recommending the move on the basis that it would create future value for Tower shareholders.
He said that subject to shareholder approval, it was envisaged the separation would be way of a demerger of the Australian business with a transfer of ordinary shares in the listed Australian business to existing Tower shareholders and a consequent capital reduction in Tower limited, with the cancellation of an equivalent value of Tower Limited shares held by existing shareholders.
Barton said it was intended the Australian company would be listed on the Australian Stock Exchange.
AUTHOR
Mike Taylor
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