Tower announces strategic review

Level 5, 136 Fanshawe Street
Auckland 1142, New Zealand
ARBN 645 941 028
Incorporated in New Zealand
Classification: Highly Sensitive

4 December 2023
Tower announces strategic review
Tower Limited (NZX/ASX: TWR) advises that it is undertaking a strategic review of its
ownership structure.
The purpose of the review – which is supported by 20% shareholder Bain Capital – is to
explore options to maximise value for all Tower shareholders and optimise its capital
structure to provide a strong platform for market competitiveness. Tower has engaged
Goldman Sachs New Zealand Limited as financial adviser to assist with the strategic review.
Tower Chairman, Michael Stiassny commented on the strategic review saying, “In our
commitment to delivering long-term value to our shareholders, we believe that a thorough
examination of our ownership structure is prudent at this time. This strategic review will
enable us to explore options that align with our objectives and position us for continued
success in the marketplace.”
Tower provides a range of insurance products including home, contents and motor vehicle
across New Zealand and the Pacific.
The Company reassures shareholders and stakeholders that business operations will
continue as usual during the review process. The Board will not comment further on the
strategic review until the process is completed, which is expected to take several months.
No decisions will be made regarding any potential transaction or other outcome until the
completion of the process.
ENDS
This announcement has been authorised by:

Michael Stiassny
Chairman
Tower Limited

For media enquiries, please contact in the first instance:
Emily Davies
Head of Corporate Affairs and Sustainability
+64 21 815 149
emily.davies@tower.co.nz