Last checked at 26 Jun 2008 16:27
GUINNESS PEAT GROUP PLC
The following announcement was made by Guinness Peat Group plc earlier today to the New Zealand Stock Exchange:
"Partial Takeover for 15.30% of TOWER Limited
The partial takeover for 15.30% of TOWER Limited ("TOWER") by Guinness Peat Group plc's subsidiary, GPG Twenty One Limited, closed on 19 June 2008. That offer was declared unconditional on 25 June 2008.
Acceptances were received in respect of approximately 36.37% of TOWER's shares. Accordingly, scaling of those acceptances, in accordance with the New Zealand Takeovers Code has occurred. All acceptors were entitled to sell 15.3% of their shareholding. Thereafter, each acceptor was entitled to sell an equal proportion of additional shares in respect of which they accepted the offer. That proportion is approximately 29.56%. Those shareholders who accepted the offer for all of their shareholding would have sold approximately 40% of that shareholding.
It is expected that payment for the shares acquired under the offer will be sent on Tuesday 1 July. The exchange rate for the conversion of the New Zealand dollars to Australian dollars for those acceptors who elected to be paid in Australian dollars has been determined to be NZ$/AU$ 0.7885.
The directors would like to thank those shareholders of TOWER who supported the offer.
A I (Tony) Gibbs
Director
Guinness Peat Group plc
26 June 2008"
Richard RussellCompany SecretaryGuinness Peat Group plcTel: +44 20 7484 3370
26 June 2008