SUN: Sale of Shareholding in Tower

ASX announcement



Suncorp Group Ltd - ABN 66 145 290 124 – Level 28, 266 George Street, Brisbane Qld 4000
suncorpgroup.com.au

1



8 March 2018
Sale of 19.99% shareholding in Tower


Vero Insurance New Zealand Limited (Vero) (a wholly owned subsidiary of Suncorp) today announced
it has accepted an offer from Bain Capital Credit, L.P (Bain) to acquire its 19.99 per cent shareholding
in Tower Limited (Tower) at a price of NZD $0.80 per share.

This represents 100 per cent of Vero’s holdings in Tower, at a total value of NZD $53.9 million.

As a result of the sale, a NZD $8.5 million gain will be realised by Suncorp New Zealand in the second
half of the June 2018 financial year.

The divestment of the Tower shareholding follows the New Zealand Commerce Commission’s
decision to decline the application by Vero to acquire 100 per cent of Tower.


Ends

For more information contact:



Media





Analysts/Investors
Brett Zarb


Tony Reid


Kelly Hibbins



Andrew Dempster
+61 417 256 563
Brett.Zarb@suncorp.com.au

+64 274 051 174
Tony_Reid@vero.co.nz

+61 414 609 192
+61 2 8121 9208
Kelly.Hibbins@suncorp.com.au

+61 497 799 960
+61 2 8121 9206
Andrew.Dempster@suncorp.com.au



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