TWR - Tower Insurance.

[Balance]

gotta say this was a great investment buying after they announced the rights issue, 42c rights vrs 68c on market 62% return in less than a month , could be more maybe in time

Unfortunately, most TWR share holders are still sitting on huge losses, especially those who hung onto their shares in anticipation of the takeover succeeding at $1.40.

Still, this capital raising is probably the most well signalled rights issue ever so should not be a surprise that it will be a successful one.

[bull....]

Unfortunately, most TWR share holders are still sitting on huge losses, especially those who hung onto their shares in anticipation of the takeover succeeding at $1.40.

Still, this capital raising is probably the most well signalled rights issue ever so should not be a surprise that it will be a successful one.

probably correct that most holders are sitting on losses , i hope they had money too take up there rights.

[JeremyALD]

Personally I bought at $1.27 and at current SP have just gone into positive territory.

I have learnt a lot more about Tower recently and they are well set for the future. They have a strong strategy, good engagement and with the capital raise look well set for the future. As a result not tempted to sell down. Could see this recovering to $1 in time once they start paying dividends and the earthquakes are out of the way.

[Balance]

Personally I bought at $1.27 and at current SP have just gone into positive territory.

I have learnt a lot more about Tower recently and they are well set for the future. They have a strong strategy, good engagement and with the capital raise look well set for the future. As a result not tempted to sell down. Could see this recovering to $1 in time once they start paying dividends and the earthquakes are out of the way.

http://nzx-prod-s7fsd7f98s.s3-websit...986/271844.pdf

Chairman seems to agree with you - he loaded up at 68c last.

[Balance]

http://nzx-prod-s7fsd7f98s.s3-websit...986/271844.pdf

Chairman seems to agree with you - he loaded up at 68c last.

Always right to follow insiders when they buy.

[JeremyALD]

Always right to follow insiders when they buy.

What about Mr Rigby buying up big time in MPG lol

[Drummer]

Good result, lots of support from existing holders

COMPLETION OF RIGHTS OFFER

Tower Limited (NZX/ASX: TWR) is pleased to
announce the closure of its
underwritten 1 for 1 pro rata renounceable rights offer announced on 14
November 2017, with strong shareholder
support.

Approximately 148.4 million new shares were taken up by
shareholders,
representing approximately 88.0% of the new shares available
under the rights
offer. This represents gross proceeds of approximately $62.3
million.

The underwriter of the offer, Goldman Sachs New Zealand Limited,
has agreed
to take up approximately 20.3 million shares which were not taken
up under
the offer.

New shares taken up under the rights offer are
expected to be allotted and
begin trading on 20 December 2017.

[Balance]

Good result, lots of support from existing holders

COMPLETION OF RIGHTS OFFER


The underwriter of the offer, Goldman Sachs New Zealand Limited,
has agreed
to take up approximately 20.3 million shares which were not taken
up under
the offer.

Amazing that 12% of shareholders did not take up the offer! They could have sold the rights and there certainly was plenty of demand for them through the rights trading period.

In any case, it is an excellent outcome and no doubt Goldmans will be pretty happy to accumulate a nice holding like 20.3m shares to work towards the next takeover offer for Tower.

Watch for Commerce Commission case against Vero for buying the 20% without prior clearance. If Vero is required to sell, that will no doubt be sold to a friendly party, triggering a takeover.

[JeremyALD]

All very positive. The change in sentiment is very strong at the moment.

And for the 12% that didn't take up rights they have pretty much thrown away money. Which is very silly. They could of just sold their shares and bought the new shares with that money. They would of made over 20%!

[Balance]

All very positive. The change in sentiment is very strong at the moment.

And for the 12% that didn't take up rights they have pretty much thrown away money. Which is very silly. They could of just sold their shares and bought the new shares with that money. They would of made over 20%!

There were 28,000 small holdings (between 1 to 5,000 shares) registered as Tower shareholders last year - suspect that's the reason why many simply decided to ignore the rights issue - they have been burnt enough?

Agree hell of a pity though as they can recapture some value by taking up their rights.