GPG sells out of TOWER
GPG has sold its 33% stake in TOWER and pocketed around $118 million.
Monday, September 30th 2013, 2:41PM
GPG’s shareholding had been sold predominantly to institutional investors, however who bought the shares is not known yet. Some buyers may reveal themselves in the next few days if they have crossed the 5% threshold and have to declare holdings to the NZX.
GPG had signalled to the market for some time its desire to return value to its own shareholders and sell assets.
“GPG has been a long-standing shareholder, whom we would like to thank for its contribution to TOWER over the past decade,” TOWER chairman Michael Stiassny said.
The 33.60% share in TOWER consisted of 69,614,743 shares, which were traded at $1.70 per share. Transaction cash proceeds are expected to net GPG $118.3 million.
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