Tower LimitedNZX: TWR

24 May - Tower Limited HY17 Interim Results Announcement Presentation

· Issued by Tower Limited

Tower Limited

Half year results

24 May 2017

Introduction

Michael Stiassny

Chairman

Chairman's update

  • Business performance

    • Underlying business continues to perform well

  • Canterbury

    • Operating result is impacted by increase to Canterbury provisions

  • Scheme vote and non-binding proposal

    • Timing of Fairfax scheme vote to be confirmed, in the absence of a superior offer, the Tower board continues to unanimously recommend this scheme.

    • Commerce Commission to release findings on Suncorp non-binding proposal on 30 June 2017

  • Capital and dividend

    • Equity raising on hold pending outcome of Fairfax scheme vote

    • Solvency position strengthened through drawing on liquidity facility

    • Dividend payment remains suspended

3

Performance overview

Richard Harding

Chief Executive Officer