Tower Australia Group Limited (TAL.AX)

[tsb]

options are out - they seem to have done rather well:-
TOWER AUSTRALIA GROUP LIMITED OPTIONS SCHEDULE – 13 March 2007
Number of Exercise Price Exercise Period
Options
1 1,438,045 A$0.794 1 April 2007 – 31 March 2010
2 2,577,533 A$1.21 9 August 2008 – 9 August 2011
3 654,750 A$1.21 9 August 2009 – 9 August 2012
4(1) 5,820,000 A$1.45 5 April 2009 – 5 April 2012
5(2) 4,000,000 A$1.88 21 November 2009 – 20 November 2012
6(2) 4,900,000 A$2.93 23 February 2010 – 22 February 2013
19,390,328
(1) The options at 4 above will only vest if the market price of shares in TOWER
Australia Group Limited on ASX at the close of trading on 3 April 2009 is at least
$1.93.
(2) The options at 5 and 6 above will only vest as follows:
If the three year straight line progressive growth in TOWER Australia Group
Limited’s operating profit for the period up to 21 November 2009, from a starting
point of A$33,000,000 is:
(a) 100% or more then all of the options will vest;
(b) 30% then 25% of the options will vest and the remaining options will lapse
immediately:
(c) more than 30% but less than 10% then that number of options calculated
pro rata against the number of options in (a) and (b) will vest and the
remaining options will lapse immediately: or
(d) less than 30% then all the options will lapse immediately.

[whatsup]

Where/how can these options be obtained?

[tsb]

I guess you just need to be a man-a-ger at Tal

[Taijon]

Anyone else watching this share? Its come down from its highs of over $3 and seems to be slipping by the day - currently $2.36. Whats going on: the GPG boys won't be too pleased.

[Snow Leopard]

I have a few of these, and I am not unduly worried. Indeed when the slide ends I may well buy the ones that I did not get when I sold my rights last year.

[airedale]

The insurance sector is generally doing well. TAL should eventually catch up. It still remains a takeover prospect.I agree with PT and will watch the chart to pick up some more.

[ScrappyO]

It went up pretty quickly after the split, I think its just people taking profit. I cant see any other reason for it. I would like to think it is over sold at 2.40.

Disc Hold

[whatsup]

I received in todays(other s/holders will no doubt receive the same ) a buy offer from some Colonial Capital Corp out fit offering to buy my TAL shares at NZ $ 1.75 when they are selling in Aust at $2.44 , some suckers will fall for this SCAM ,my advice is to bin it pronto, cheap sods didnt put a replyed post on the envelope !!!!!

[Halebop]

The infamous David Tweed is the sole director of Colonial Capital Corporation Limited, registered at Level 2, 6 Clayton Street, Newmarket

[OldRider]

I noticed no reply paid envelope as well, last time I used it with a short message, perhaps too many others did the same.

I suggest this time we do the same without putting a stamp on, might then cost him even more.

[Tycoon]

its ridiculous.. mine went straight into the threading bin...:(

[lissica]

http://www.theage.com.au/news/Business/Lowball-offer-targets-Tower/2007/05/04/1177788374123.html

[ScrappyO]

Big Jump this Morning...anybody know anything?

[ScrappyO]

That was weird...Ignore my last post.

[stevo1]

is amp taking market downturn opportunity to build stake for takeover for a smaller insurer?been steadily building for some time now

[stevo1]

interesting situation?

[stevo1]

GPG increased stake notified on 20/7/07 from 23.86 to 24.98%.

[stevo1]

just to clarify GPG increased stake on 20/07/07 from 23.86% to 24.98% not 20/09 as i first stated(typo) subsequent to that GPG has increased stake on 14/08/07 from 24.98% to 26.86%.so AMP and GPG increasing stakes .WHERE TO FROM HERE?

[stevo1]

just to clarify GPG increased stake on 20/07/07 from 23.86% to 24.98% not 20/09 as i first stated(typo) subsequent to that GPG has increased stake on 14/08/07 from 24.98% to 26.86%.so AMP and GPG increasing stakes .WHERE TO FROM HERE?

[stevo1]

just to clarify GPG increased stake on 20/07/07 from 23.86% to 24.98% not 20/09 as i first stated(typo) subsequent to that GPG has increased stake on 14/08/07 from 24.98% to 26.86%.so AMP and GPG increasing stakes .WHERE TO FROM HERE?

[ScrappyO]

Go On Say it Again for Fun.

[stevo1]

currently in oz using dial up didnt seem to be working hence multi posts.

[Footsie]

mosteph.... now i am agreeing with you

i noticed that too

its really kicked hard after hitting $2.00

[stevo1]

amp increases stake from 7.21% to 8.24%.

[tsb]

from the last report

25% of profit would be paid out as a divi for the year ending 30 September, guess this may help to push the price along a wee bit!

[COLIN]

I like the way this is now trending, and am surprised that there hasn't been more comment of late.

[winner69]

I like the way this is now trending, and am surprised that there hasn't been more comment of late.

Has more good days than down days

However noted that Suncorp mentioned those ominious words 'mark
to market impact of widening credit spreads' in respect to the investments covering their reserves ..... without quantifying them

Bound to have some impact on most insurers over time .... hope TAL don't have the same problem

[winner69]

TAL holding up very well considering the recent performance of the likes of IAG and SUN.

Some interesting bits about them in this article
http://www.theaustralian.news.com.au/story/0,25197,23025218-643,00.html

Could this sentiment come over to TAL as well.

[Snow Leopard]

TAL is a different beast to IAG & SUN, though I dare say as an 'insurer' it will be tarred with the same brush to a degree.

TAL is a specialist life/income insurer and superann & investment company. It would seem that this distinction as been noted by the market.

[yogi-in-oz]

:)

Hi folks,

TAL ... some time cycles, ahead:

23-24012008 ... negative spotlight on TAL

28012008 ... minor and positive cycle

20022008 ... negative cycle expected

22-25022008 ... positive spotlight on TAL ... :)

13-17032008 ... 3 cycles ... positive news expected here

24032008 ... minor

happy days

paul

:)

=====

[winner69]

:)

Hi folks,

TAL ... some time cycles, ahead:

23-24012008 ... negative spotlight on TAL

28012008 ... minor and positive cycle

20022008 ... negative cycle expected

......
=====


Getting close to those dates Yogi ---- watching with interest

TAL been affected like all the market with price yesterday back down to 237 (down 15% from a recent high)

What i fear about insurance companies during these times is not their claims history but the impacts of sharemaket declines.

A large proprtion of earnings come from investment returns and falling markets not good for them ....... additionally if they fall too much then capital ratios and all that sort of stuff come into play ......... wasn't that the real problerm with many insurors (including the original Tower) in 2002 when this segment wasn't one to be in

[stevo1]

GPG has yet again lifted its stake in TALfrom 26.86% to 29.85%.I have sold but still believe that AMP or GPG will move on it.

[stevo1]

Today AMP REDUCED its holding from 8.24 %to 5.29%.Changing game here

[airedale]

Looks like Yogi got that one right.

[stevo1]

AMP ceases to be a substantial shareholder

[COLIN]

Have been watching closely over recent weeks and like the look of the uptrend. Performed relatively well today in the face of an overall lack-lustre market. Hope its not just a few stray neighbourhood canines chasing whatever passing van they spot marked "Insurance" - in the light of the QBE interest in IAG?
Perhaps we should ask Yogi for an update!?

[tim23]

Looks interesting up again today, still hold mine.

[COLIN]

Looks interesting up again today, still hold mine.

Hit almost 300 but failed to sustain and has fallen back - for another attack on that hurdle, hopefully.

[stevo1]

Looking good for ppl still holding (sold out sometime ago to buy MAK) closing at 14mnth high 284.

[scamper]

And TAL down 7.9% -- is this in sympathy with the American insurers?
-- or is there a closer relationship that i don't truly want to know about?

[lissica]

Long slow uptrend finally? I've been holding since the GPG inspired split of TWR NZ and TAL.

No news I'm aware of to drive it up except market sentiment.

[COLIN]

Long slow uptrend finally? I've been holding since the GPG inspired split of TWR NZ and TAL.

No news I'm aware of to drive it up except market sentiment.

I've also continued to hold mine, mainly because of the under-pinning by Dai-ichi's 28% which they bought from GPG.

[lissica]

I've also continued to hold mine, mainly because of the under-pinning by Dai-ichi's 28% which they bought from GPG.

I hope they make a takeover of the rest some time in future. I can't see them just being a passive holder for too long. Japanese demographics of a shrinking elderly population vs a growing Australian one...makes more sense for Japanese companies to invest overseas.

[COLIN]

I hope they make a takeover of the rest some time in future. I can't see them just being a passive holder for too long. Japanese demographics of a shrinking elderly population vs a growing Australian one...makes more sense for Japanese companies to invest overseas.

My hope as well - chances must be fairly high (IMHO).

Cheers.

[COLIN]

Bit of a boost today. Probably on the back of AMP's efforts to take over AXA Asia.

[Snow Leopard]

With yesterdays close at $3.24 we finally break the previous maximum of $3.19 set on 14-Dec-2006 and equaled on the 9-Nov-2009.
I can proudly say that I have still have every share from the original schism with tower nz (although I was not able to take up my rights for extra at that time) and since I have only acquired more sub $2.

We are now approaching a fair price for this company, I believe, but the full year will be out soon and I hope that I have to revise my opinion upwards.

To infinity and beyond
Paper Tiger

[whatsup]

With yesterdays close at $3.24 we finally break the previous maximum of $3.19 set on 14-Dec-2006 and equaled on the 9-Nov-2009.
I can proudly say that I have still have every share from the original schism with tower nz (although I was not able to take up my rights for extra at that time) and since I have only acquired more sub $2.

We are now approaching a fair price for this company, I believe, but the full year will be out soon and I hope that I have to revise my opinion upwards.

To infinity and beyond
Paper Tiger

Like wise can be said for Ioof.

[biker]

Like wise can be said for Ioof.

The market didn't think much of the result. Share price down about 10%.
Nice to see Tower on the other side of the Tasman going the other way.

[Snow Leopard]

...We are now approaching a fair price for this company, I believe, but the full year will be out soon and I hope that I have to revise my opinion upwards....
...only had a quick look at the accounts, and whilst not as bad as the headlines it does fall in the 'slightly disappointing' category.

regards
Paper Tiger

[COLIN]

The market didn't think much of the result. Share price down about 10%.
Nice to see Tower on the other side of the Tasman going the other way.

Market over-reacted today, and I fully expect a bit of a reversal upward tomorrow, when folk have had a bit of time to think a bit more rationally. This often happens, after financials are released which don't exceed customer expectations.

But a significant reason why I intend to hang around a bit is that I am aware of the Japanese holding, and would like to be there if there is some future corporate action. Mind you, I adopted the same attitude when GPG was there!

[Footsie]

not sure if today will be the day when they bounce

[COLIN]

not sure if today will be the day when they bounce

No, I think the overall market will take a bit of a hammering, with the shock of the Dubai thing and with the DOW not being able to give a lead because of the Thanksgiving Day holiday.

[Footsie]

butchered again.. nearly bought some at 2.81 but was too chicken

looks like an overkill to me.

[Huang Chung]

Roger Montgomery gave Tower a so-so appraisal on one of the Sky Business shows last night as well. Although, given the size of the company and its constituent shareholder base, Rogers comments would have had a negligible impact at best, despite Roger's following in some quarters.

[lissica]

In todays Business Spectator:
http://tinyurl.com/ya5mrum

TOKYO – Dai-ichi Mutual Life Insurance, Japan's second-largest life insurer, said on Monday it would sell about ¥1.07 trillion ($A13 billion) worth of shares in the country's biggest initial public offering in more than a decade.

Dai-ichi Life is looking to expand overseas to offset its shrinking life insurance business in Japan as the population falls.

"Because Dai-ichi does not have much potential for growth in Japan, it needs to become a public company to make it easier to raise money to support its expansion," said Wataru Kasatani, a financial analyst for MDAM Asset Management in Tokyo.

Dai-ichi Life, Japan's second only to unlisted Nippon Life Insurance, plans to list on the Tokyo Stock Exchange on April 1 after completing the process of demutualisation, in which its stock is distributed to its more than 8 million policyholders.

The company, established in 1902, will not raise any funds for its operations in the global offering, with policyholders given the option of holding on to their stock or cashing out.

Dai-ichi said more than 7 million shares would be sold globally at a tentative price of ¥150,000 each. The final price will be set on March 19 after gauging investor demand.

The company, whose main building in Tokyo served as headquarters for the U.S. occupation forces after World War II, already has a presence in Thailand, Australia and India.

[Snow Leopard]

The announcement (http://stocknessmonster.com/news-item?S=TAL&E=ASX&N=585535) and some comment from Business Spectator (http://www.businessspectator.com.au/bs.nsf/Article/Dai-ichi-Life-Japan-Japanese-demutualising-Tower-A-pd20100305-3939E?OpenDocument&src=sph) should you be interested.

regards
Paper Tiger

[Snow Leopard]

1 for 7 at $1.85 Renounceable

SP drops 10%+ from $2.38

A chance to get some cheap?

[Snow Leopard]

1 for 7 at $1.85 Renounceable

SP drops 10%+ from $2.38

A chance to get some cheap?

No: The price got down to my level ($2.01) but not enough selling to reach my bid.

[Jaa]

Capital raising seems very fair, pro-rata with unexercised rights sold via book build with funds given back to the shareholders that didn't do anything.

I assume this rules out being able to apply for more than your allocation, ala TWR NZ's raising last year?

Only point is why bother with an underwriter on such a deeply discounted issue? Money for jam for CitiGroup.

[waikare]

I am a little disappointed that I did not receive my TAL entitlement due to NZ Post losing my cheque. Perhaps in future any company when raising money with rights etc. should consider offering the option of online banking. All my other financial matter are done electronically, cheques are nearly a thing of the past not, everybody has a cheque book these days.

[lissica]

I am a little disappointed that I did not receive my TAL entitlement due to NZ Post losing my cheque. Perhaps in future any company when raising money with rights etc. should consider offering the option of online banking. All my other financial matter are done electronically, cheques are nearly a thing of the past not, everybody has a cheque book these days.

I agree. Chequebooks are so last millenium!

I did mine through BPay, but we'll be losing that facility with Direct Broking once the Macquarie CMT closes down at the end of July. I've done at least three SPPs that way in the last year.

[waikare]

I agree. Chequebooks are so last millenium!

I did mine through BPay, but we'll be losing that facility with Direct Broking once the Macquarie CMT closes down at the end of July. I've done at least three SPPs that way in the last year.

Paying by BPay you need to have an Aussie Bank account of sorts, this cuts most of us Kiwis out.

[macduffy]

Paying by BPay you need to have an Aussie Bank account of sorts, this cuts most of us Kiwis out.

I don't see why it should.

It's a bit of a perfornance to open bank accounts these days, thanks largely to the anti money-laundering rules that banks have to follow, but a bit of cash in an Aussie savings account is a necessity to take care of SPP's and other cash issues, given the short notice afforded to NZ shareholders in a lot of these issues.

The profit on one decently priced SPP will pay for a lot of bank fees

[lissica]

Paying by BPay you need to have an Aussie Bank account of sorts, this cuts most of us Kiwis out.

I do, but only in my personal name. The share investments are in a NZ resident company. Up until now it worked pretty well with DB because their Macquarie Cash Management Trust allowed BPay. Hopefully they'll set up the same facility with their new Online multi-currency account.

[waikare]

I am a little disappointed that I did not receive my TAL entitlement due to NZ Post losing my cheque. Perhaps in future any company when raising money with rights etc. should consider offering the option of online banking. All my other financial matter are done electronically, cheques are nearly a thing of the past not, everybody has a cheque book these days.

Computershare confirmed they have received my entitlemenmt cheque on 30th June date stamped 28th, (offer closed 24th) I have this recored as being posted on the 17th: Bloody NZ Post

[Snow Leopard]

Used the old BPay. Marvelous thing in that I can just click a few buttons from anywhere in the world instead of having to run around getting signatures and finding stamps.

I am hoping that the dive into what I regard as the 'Seriously On Special' price zone is just that.

regards
Paper Tiger

[Snow Leopard]

Bought some more of these in the sale for an average of $1.965 each. Now just have to wait until it oscillates back to $3.

regards
Paper Tiger

[COLIN]

Bought some more of these in the sale for an average of $1.965 each. Now just have to wait until it oscillates back to $3.

regards
Paper Tiger

Yes, I believe they are now on the come-back trail. T/A "buy" signals seem to be firing; I am encouraged by the OBV, RSI and Momentum indicators (well, at least as I read them!).

[Snow Leopard]

I see Tower are getting into bed with Virgin (http://stocknessmonster.com/news-item?S=TAL&E=ASX&N=606820)

Sorry
Paper Tiger

[CJ]

I see Tower are getting into bed with Virgin (http://stocknessmonster.com/news-item?S=TAL&E=ASX&N=606820) Just read the unauthorised biography on Branson and it seems that everyone who gets into bed with a Virgin ends up with an STD.

[h2so4]

I see Tower are getting into bed with Virgin (http://stocknessmonster.com/news-item?S=TAL&E=ASX&N=606820)

Sorry
Paper Tiger

That's enough.............LOL:)

[lissica]

My hope as well - chances must be fairly high (IMHO).

Cheers.

Well, lets see what happens tomorrow when trading starts after Xmas break. They'd better offer more than $1.2 Billion ($2.85) if they want my stake, especially because I want to do well in the 2011 Sharetrader Comp ^_^

In todays Bloomberg:
http://tinyurl.com/2dhcl2k

Dai-Ichi Life Plans to Buy Remaining Stake of Tower Australia
By Takahiko Hyuga - Dec 28, 2010 11:41 AM GMT+1100

The Dai-ichi Life Insurance Co. headquarters in Tokyo. Photographer: Tomohiro Ohsumi/Bloomberg

Dai-ichi Life Insurance Co., Japan’s second-biggest life insurer, plans to buy the remaining stake of Tower Australia Group Ltd. it doesn’t already own for about 100 billion yen ($1.2 billion), the insurer’s first purchase since listing shares on the Tokyo Stock Exchange in April.

Dai-ichi Life, which owns about 30 percent of Tower Australia, aims to complete the transaction in the first half of next year, said Yasuhiro Kunii, an investor relations official, without elaborating. Philippa Ellis, a Tower investor relations official in Sydney, wasn’t immediately available to comment.

The Tokyo-based company sold shares to the public this year to fill its war chest for acquisitions and partnerships as waning economic growth in Japan compounds population declines.

Last month, Dai-ichi Life said first-half net income fell 42 percent to 29.4 billion yen from a year ago as premium income and the value of investments declined. Premium income fell 15 percent for the period to 1.67 trillion yen from a year ago.

In November, Sydney-based Tower Australia said full-year net income rose 88 percent to A$87.4 million ($87.6 million). The company’s shares have surged 11 percent since the report.

Dai-ichi Life fell 0.5 percent to 130,300 yen as of 9:15 a.m. in Tokyo. The shares have fallen 19 percent since April.

[lissica]

And just for reference, Dai-ichi bought its 30% stake from GPG in 2008 at $3.75:
http://tinyurl.com/233ujq4

[COLIN]

Well, lets see what happens tomorrow when trading starts after Xmas break. They'd better offer more than $1.2 Billion ($2.85) if they want my stake, especially because I want to do well in the 2011 Sharetrader Comp ^_^

In todays Bloomberg:
http://tinyurl.com/2dhcl2k

Dai-Ichi Life Plans to Buy Remaining Stake of Tower Australia
By Takahiko Hyuga - Dec 28, 2010 11:41 AM GMT+1100

The Dai-ichi Life Insurance Co. headquarters in Tokyo. Photographer: Tomohiro Ohsumi/Bloomberg

Dai-ichi Life Insurance Co., Japan’s second-biggest life insurer, plans to buy the remaining stake of Tower Australia Group Ltd. it doesn’t already own for about 100 billion yen ($1.2 billion), the insurer’s first purchase since listing shares on the Tokyo Stock Exchange in April.

Dai-ichi Life, which owns about 30 percent of Tower Australia, aims to complete the transaction in the first half of next year, said Yasuhiro Kunii, an investor relations official, without elaborating. Philippa Ellis, a Tower investor relations official in Sydney, wasn’t immediately available to comment.

The Tokyo-based company sold shares to the public this year to fill its war chest for acquisitions and partnerships as waning economic growth in Japan compounds population declines.

Last month, Dai-ichi Life said first-half net income fell 42 percent to 29.4 billion yen from a year ago as premium income and the value of investments declined. Premium income fell 15 percent for the period to 1.67 trillion yen from a year ago.

In November, Sydney-based Tower Australia said full-year net income rose 88 percent to A$87.4 million ($87.6 million). The company’s shares have surged 11 percent since the report.

Dai-ichi Life fell 0.5 percent to 130,300 yen as of 9:15 a.m. in Tokyo. The shares have fallen 19 percent since April.

Well, its been a long time coming. And it seems a strange way to go about it, i.e. saying that "sometime in the next 6 months we'll buy the other 70% we don't already own, for a price that's just a touch above market". The point is, of course, that they've got their blocking stake, and the options for other holders are not great. I can't see much point in continuing to hold, now. No-one else is going to try and snatch it from Dai-ichi.

[lissica]

I'm happy to hold at $2.85 even if it doesn't get taken over.

[Snow Leopard]

it would pay you guys to read what it actually says. Sheesh!

"Dai-ichi Life Insurance Co., Japan’s second-biggest life insurer, plans to buy the remaining stake of Tower Australia Group Ltd. it doesn’t already own for about 100 billion yen ($1.2 billion)"

or about $4.12 a share.

(70% of 416M shares is 291M shares)

"to complete the transaction in the first half of next year"
you tend to start well before you complete

regards
Paper Tiger

[lissica]

it would pay you guys to read what it actually says. Sheesh!

"Dai-ichi Life Insurance Co., Japan’s second-biggest life insurer, plans to buy the remaining stake of Tower Australia Group Ltd. it doesn’t already own for about 100 billion yen ($1.2 billion)"

or about $4.12 a share.

(70% of 416M shares is 291M shares)

"to complete the transaction in the first half of next year"
you tend to start well before you complete

regards
Paper Tiger

Oops, my bad ^_^

That's more like it...thanks Mr Tiger

[winner69]

I better buy some tomorrow then if all this true

Or maybe as this report suggests they might be paying the $1.2 billion for the lot (including what they have already spent

http://www.theage.com.au/business/daiichi-life-plans-to-buy-tower-australia-20101228-19918.html
Dai-ichi Life Insurance Co., Japan's second-biggest life insurer, plans to buy full control of Tower Australia Group Ltd. for about 100 billion yen ($US1.2 billion), its biggest overseas acquisition


All double dutch to me ..... or has something been lost in translation

[lissica]

I better buy some tomorrow then if all this true

Or maybe as this report suggests they might be paying the $1.2 billion for the lot (including what they have already spent

http://www.theage.com.au/business/daiichi-life-plans-to-buy-tower-australia-20101228-19918.html
Dai-ichi Life Insurance Co., Japan's second-biggest life insurer, plans to buy full control of Tower Australia Group Ltd. for about 100 billion yen ($US1.2 billion), its biggest overseas acquisition


All double dutch to me ..... or has something been lost in translation

$4.00/share acccording to the latest Bloomberg report:
http://tinyurl.com/22vklgr

[winner69]

$4.00/share acccording to the latest Bloomberg report:
http://tinyurl.com/22vklgr

So you guys will be making zillions then ... well done

[macduffy]

Puts a new spin on what TWR.NZ might be worth too.

Perhaps, but somehow I don't see big overseas outfits such as Dai-Ichi Life having much interest in the tiny NZ market.

As a shareholder of Tower NZ I'd love to be proved wrong on this!

[winner69]

How much of Tower NZ business is life insurance compared to TAL?

I get the impression that Tower NZ is more of a general insurer while TAL main business is the life side of things and thats why the Japs are keen on them

[macduffy]

How much of Tower NZ business is life insurance compared to TAL?

I get the impression that Tower NZ is more of a general insurer while TAL main business is the life side of things and thats why the Japs are keen on them

I don't know the answer to that, winner, but bearing in mind that Tower started life as NZ Govt Life I'd think that the NZ and Aust businesses are fairly similarly "profiled". Although it could be that life insurance has been more popular in Australia than in NZ in recent years.

[POSSUM THE CAT]

Macduffy as National Insurance and Tower Life Insurance Combined to be Tower Group. I cannot remember if it was a takeover or purchase or two Quasi Govt Org.s amalgamating. But National Insurance a general insurer was the major partner.and traded under seperate brands for many years. Before becoming Tower Group. GPG as a major share holder at one time arranged the split into two companies TAL Australia & TWR NewZealand

[macduffy]

Thanks for the reminder re National Insurance, Possum.

National was a listed company, if memory serves me correctly and as you say, a general insurer. But the name "Tower" derives from the old NZ Govt Life "lighthouse" logo - they even produced and used their own postage stamps featuring a lighthouse. Not sure how this was possible but I guess being Govt-owned allowed them that privilege!

Tower was on the acquisition trail in Australia well before the split between Tower NZ and Tower Aust - Bridges Financial Services was one of their big wins. Wealth management businesses, including life insurance was then the main emphasis for them with the NZ Company Register for 2001/2002 recording that "Tower retained its position as New Zealand's number one retail funds manager (in terms of funds under management), a position it has held for the past six years."

Where that leaves the NZ mix of business compared to TAL's.........?

[Waiuta]

From AAML newsletter.....

"Insurance companies are difficult beasts to understand, accounting wise, but each year they help investors by carrying out a discounted cash flow valuation of the current written contracts -- they call it "embedded value".

Investors can argue the toss about whether the discount rate is appropriate or not but the broad conclusions reached by observing this annual exercise are still valid. In the past two years Tower Australia has invested $223 million of statutory capital into its life business whilst at the same time increasing embedded value by $649 million. It is a massive annual value creator (close to $3 of value for each $1 put in) that the Australian market is only just starting to recognise."

[POSSUM THE CAT]

Macduffy been going back over my memory & vaguely remember Govt. Life's demutualisation with an issue of shares to policy holders and missed out as my policy had all ready matured and became tower life and then I think came a take over by National insurance A few years later around the middle to late 199. National was the bigger company and a lot of mortgages had written into the terms & conditions that the houses had to be insured by National insurance. The govt. property & general insurer was STATE Tower Group was making big inroads into the Australian general insurance market & their larges shareholder GPG forced the split into two companies and I made a large sum of money (by my standards at the time) out of the split up.

[macduffy]

Comment today from The Australian on Dai Ichi's offer.

http://www.theaustralian.com.au/business/dai-ichi-may-buy-more-after-12bn-insurance-takeover/story-e6frg8zx-1225978234184

[Snow Leopard]

To be honest I am getting rather fed up of takeovers: This will be the fourth time in less than two years that a company I have held a significant (for me) stake in will have gone.
I am beginning to think that someone is doing this deliberately, and if this is the case then Watpac (WTP) will be next.

I have always been of the opinion that TAL was a good company with the management doing the right thing to realize the potential, have consider it worth north of $3 for a couple of years.
Further more I have been amazed when it has dipped below the $2 mark and bought large on such occasions, the last being less than six months ago.

So whilst I stand to make a significant return on my investment, I think I would rather keep my shares for the long haul.

However if there are going to be dragged from my paws whether I like it or not I am considering selling on market; avoiding the paper work and looking round for the next share to place the "Curse of the Tiger" on.

regards
Paper Tiger

[COLIN]

To be honest I am getting rather fed up of takeovers: This will be the fourth time in less than two years that a company I have held a significant (for me) stake in will have gone.
I am beginning to think that someone is doing this deliberately, and if this is the case then Watpac (WTP) will be next.

I have always been of the opinion that TAL was a good company with the management doing the right thing to realize the potential, have consider it worth north of $3 for a couple of years.
Further more I have been amazed when it has dipped below the $2 mark and bought large on such occasions, the last being less than six months ago.

So whilst I stand to make a significant return on my investment, I think I would rather keep my shares for the long haul.

However if there are going to be dragged from my paws whether I like it or not I am considering selling on market; avoiding the paper work and looking round for the next share to place the "Curse of the Tiger" on.

regards
Paper Tiger

Happy to share the "curse" with you, PT. Couldn't see much point in holding on, either. Am now weighing up my re-investment options - have looked at WTP from time to time but keep holding back - tell us what you finally settle on.

[pierre]

Amongst the general meltdown on the market the TAL price has dropped to $3.80 at close today.

This seems like a real panic reaction when, in less than two months, shareholders should be receiving $4.00 per share from the Dai-Ichi takeover. There are adverse events clauses in the Scheme of Arrangement but as I read the document they seem highly unlikely to come into play.

I suspect most shareholders will definitely be voting in favour of the proposal - otherwise they face a major retreat in the share price back to the pre-takeover level or worse.

Do I detect a certain opportunity for a reasonable return for a 60 day investment - even taking currency conversion costs into account?

Would you bet the farm on it? (Not that I have a farm!)