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DLA Phillips Fox has advised insurance and financial services institution TOWER Ltd on a NZ$81.3million renounceable rights issue.
LAW firm
TOWER is listed on both the Australian Stock Exchange and the New Zealand Exchange and under the rights issue, shareholders were given the option of subscribing to an additional 5 fully paid ordinary shares for every 16 existing shares held.
TOWER will use the additional capital raised by the rights issue to support the business's future growth objectives and to provide the financial flexibility needed to take advantage of any strategic opportunities that may arise.
The DLA Phillips Fox advisory team comprised Rachel Taylor (Partner, Wellington), Catherine Merity (Partner, Sydney) and Jacqlin Anthony (solicitor, Wellington).
'The offer was made in both Australia and New Zealand in reliance on the trans Tasman mutual recognition regime, and the New Zealand and Sydney offices of the firm worked as one team to provide co-ordinated advice,' Taylor said.
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