26 July 2017
Market Information Company Announcements Office
NZX Limited ASX Limited
Level 1, NZX Centre Exchange Centre
11 Cable Street Level 6, 20 Bridge Street
Wellington Sydney NSW 2000
New Zealand Australia
COMMERCE COMMISSION DECLINES VERO SCHEMETower Limited (NZX/ASX:TWR) advises that the Commerce Commission has declined to clear Vero Insurance New Zealand Limited's agreement to purchase all shares in Tower it does not already own.
Tower is awaiting the release of the Commerce Commission's decision to fully understand the reasoning. Tower will work with Vero to assess the implications for the Vero Scheme, but it will mean a shareholder vote will now no longer occur in early September.
As previously indicated, the Tower Board will look to consider the impact on its business plans, including whether it needs to conduct a capital raise in the coming months to ensure the long term sustainability and accelerate the transformation of the underlying Tower business.
The Tower Board of Directors will update the market on any material developments as they occur.
ENDSTOWER
Michael Stiassny Chairman
Tower Limited
ARBN 088 481 234 Incorporated in New Zealand
For media enquiries, please contact:Nicholas Meseldzija Tower Limited
Head of Corporate Communications Mobile: +64 21 531 869
Email: nicholas.meseldzija@tower.co.nz
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Tower Limited published this content on 26 July 2017 and is solely responsible for the information contained herein.
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