Business
Sale of Shareholding in Tower
Sale of Shareholding in Tower.
About this update from Coats Group Plc
[{"type":"text","content":"\n RNS Number : 9261A Guinness Peat Group PLC 07 August 2008 \n \nGUINNESS PEAT GROUP PLC\n\n\nSALE OF SHAREHOLDING IN TOWER AUSTRALIA GROUP LIMITED\n\n8 August 2008 - Guinness Peat Group plc ('GPG') today announced that it has agreed to sell to The Dai-ichi Mutual Life Insurance Company its entire 29.7% shareholding (100,351,041 shares) in Tower Australia Group Limited ('Tower Australia'). \n\nThe transaction consists of three tranches:\n\n\n50,289,979 (14.9%) shares have been sold unconditionally at a price of A$3.75 per share\n\n\n16,875,832 (5.0%) will be sold subject to approval by Australian regulatory authorities (Foreign Investment Review Board and Australian Prudential Regulation Authority) at a price of A$3.75 per share\n\n\n33,185,230 (9.8%) will be sold subject to approval by both Australian regulatory authorities and Tower Australia shareholders at a price of A$3.75 per share\n\n\nThe value of Tower Australia's gross assets at 31 March 2008 was A$3,486.0 million (£1,628.0 million), and in the six month period to 31 March 2008 Tower Australia's profits were A$30.9 million (£14.4 million).\n\nGPG is a strategic investment company. The sale proceeds are in the form of cash which will be utilised in GPG's ongoing business.\n\nGPG has advised Tower Australia that its two representatives on its Board, Dr Gary Weiss and Mr Michael Jefferies will resign effective immediately.\n\nA joint announcement in relation to the transaction has been made by Tower Australia and The Dai-ichi Mutual Life Insurance Company to the Australian Securities Exchange.\n\n\nChris Healy\nLegal Director\nGuinness Peat Group plc\nTel: +44 20 7484 3370\nThis information is provided by RNSThe company news service from the London Stock Exchange END MSCDDGDIBDGGGIR \n ","length":3484,"tagName":"div"}]