MARKET RELEASE
For Immediate Release
7 July 2003
Tower Clarifies Rights Issue And Underwriting Arrangements
TOWER Limited confirmed today that the Underwriter of its NZ$210.8 million renounceable Rights issue, Guinness Peat
Group plc (GPG) and Organising Broker JB Were (NZ) Limited are currently arranging a broad panel of substantial
Sub-underwriters. The Panel of Sub-underwriters has not yet been finalised. GPG are obliged to complete the
sub-underwriting arrangements by 11 July 2003. Details are expected to be finalised earlier than that. The appointment
of Sub-underwriters is subject to TOWER’s approval.
TOWER was confident that its agreement with GPG complied fully with the NZX Listing Rules. The agreement contains
appropriate provisions recognising the need to obtain a NZX waiver from Listing Rule 9.2 (Related party transactions).
TOWER made application to the NZX for the appropriate waiver on Saturday. NZX have confirmed this morning that the
waiver has been granted subject to certain conditions. Full details are provided in the NZX announcement.
TOWER has also supplied to NZX information regarding its arrangements with GPG. NZX have confirmed this morning that it
does not disagree with TOWER’s determination that the arrangement is in compliance with Listing Rule 7.5.
Trading in TOWER securities will commence on NZX as usual today when the markets open. The Record Date for calculation
of entitlements to new shares as a result of the Rights issue will be 5pm (NZ time) Friday 11 July 2003.
Share trading on ASX
Shares traded on ASX as from today will be ex-Rights. This means that the right to subscribe for new shares as a result
of the Rights issue will remain with the seller of shares and will not pass to the buyer. This applies only to shares
traded on ASX.
ENDS