Gidday B

Cast your mind back 11 months... See the cut from May 08 below.

GPG cashed out of MYOB, GPG have long coveted TWR, remember the demutualisation, Tyndall, James Boozanier etc...
GPG have their capital notes cash just sitting there, The front page of the prospectus at the time had Ron saying something about having the cash sorted before the opportunities come up.


Guinness Peat Group plc ("GPG") has advised that a wholly-owned subsidiary,
GPG Twenty One Limited, intends to make a partial offer under the New Zealand
Takeovers Code to purchase 15.30% of the ordinary shares in TOWER Limited
("TOWER") at a price of $2.30 per share. GPG currently controls, through a
wholly-owned subsidiary, 19.70% of TOWER.

The offer will provide TOWER shareholders an opportunity to sell their shares
at a price that is a 11.1% premium to the last TOWER closing price and a
16.3% premium to the 1 month volume weighted average price.

GPG Executive Director Tony Gibbs said "from GPG's perspective, as a result
of the spinoffs of Tower Australia Group Limited and Australian Wealth
Management Limited, GPG's investment in TOWER had reduced considerably in
size. The offer would give GPG the ability to invest more money in TOWER and
increase the value of its investment back up to a more optimal investment
size more consistent with other investments in its portfolio."