Tower Corporate Structure Update

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21 September 2020

Market Information Company Announcements Office
NZX Limited ASX Limited
Level 1, NZX Centre Exchange Centre
11 Cable Street Level 6, 20 Bridge Street
Wellington Sydney NSW 2000
New Zealand Australia


Corporate Structure Update


Tower Limited (NZX/ASX: TWR) confirms that the short-form amalgamation of Tower Limited,
Tower Financial Services Group Limited and Tower New Zealand Limited down into Tower
Insurance Limited has been approved by the Reserve Bank of New Zealand. Documents will be
filed to effect the amalgamation on 30 September 2020.

Tower Insurance Limited will be the amalgamated and continuing company. From the point of
amalgamation:

 Tower Insurance Limited's legal name will be changed to "Tower Limited"

 Tower Insurance Limited (renamed Tower Limited) will become the listed entity on the
NZX and ASX with the ticker "TWR"

 Tower Insurance Limited's company number will remain the same (143050)

 Tower Insurance Limited will continue to be the insurer licensed by the Reserve Bank of
New Zealand

 Tower Insurance Limited shares will be cancelled without consideration

 Following the amalgamation, the shares in Tower Limited will become the shares in
Tower Insurance Limited. Shareholders in Tower Limited prior to the amalgamation will
become shareholders of Tower Insurance Limited (then renamed Tower Limited) on the
basis that those shares are shares in the amalgamated company.

 The amalgamated Tower Limited's constitution will become the constitution of Tower
Insurance Limited

Tower Chief Financial Officer, Jeff Wright, said that the amalgamation was another symbol that
Tower has undergone a transformation into a simpler, more focussed business.

“Tower’s prior corporate structure was designed to support many different businesses and
following a period of divestment and our focus on general insurance, this new structure will
reduce complexity, effort and cost,” said Wright.


ENDS

This announcement is authorised by the Board.

Blair Turnbull
Chief Executive Officer
TOWER Limited
ARBN 088 481 234 Incorporated in New Zealand

 
 
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For media queries, please contact:
Nicholas Meseldzija
Tower Limited
Head of Corporate Affairs and Reputation
Mobile: +64 21 531 869
Email: Nicholas.meseldzija@tower.co.nz