Tower to raise $47.2m at a discount to buy Youi, bolster balance sheet again

Mon, 23 Sep 2019

By Paul McBeth Sept. 24 (BusinessDesk) - Tower will raise $47.2 million at a discount, of which less than half will go towards buying controversial minnow Youi NZ and the rest will bolster the insurer's balance sheet to meet new licencing conditions. The Auckland-based insurer will sell 84.3 million shares at 56 cents apiece in a one-for-four pro rata renounceable entitlement offer. That's a 23 percent discount to the theoretical ex-rights price and a 27 percent discount to the 77 cents price the shares closed at yesterday. The shar...

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