Tower takeover implemented
The Australian Securities Exchange (ASX) has suspended the trading of shares in Tower Australia Group now that the scheme of arrangement between Tower and its shareholders has come into effect.
Tower stated it had lodged a copy of the court order approving the scheme with the Australian Securities and Investments Commission (ASIC) yesterday, making the scheme effective.
Non-Dai-Ichi Life shareholders who hold shares on 4 May, 2011 will be entitled to receive $4 in cash per share, which will be paid within five business days of the implementation date of 11 May.
Last week, Tower’s non-Dai-Ichi Life shareholders voted overwhelmingly in favour of the takeover by the Japanese insurer.
Recommended for you
As advisers risk losing two-thirds of FUA during the $3.5 trillion wealth transfer, two co-founders underscore why fostering trust with the next generation is vital to retaining intergenerational wealth.
As advisers seek greater insights into FSCP determinations, what are the various options considered by the panel and can a decision be appealed?
Amid the current financial adviser shortage, advice firm Link Wealth is looking to expand its financial literacy program for high school students across the country.
TAL Risk Academy has updated its range of ethics courses to help financial advisers meet their CPD requirements following adviser feedback, including interpreting FSCP determinations.
