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Tower closes pro rata rights issue

Tower Ltd. completed its pro rata 1-for-4 renounceable rights offering.

Shareholders subscribed for about 75.8 million new shares, or about 90% of the shares available under the offering, at 56 New Zealand cents per share. The new shares will begin trading Oct. 23.

Goldman Sachs New Zealand Ltd., the underwriter in the offering, plans to fully allocate to its sub-underwriter panel about 8.5 million shares that were not taken up under the offer.

Tower expects to raise gross proceeds of about NZ$47.2 million from the offering.

The company previously said it would use the capital raise to ease the license condition change and support Tower Insurance Ltd.'s acquisition of Youi NZ Pty. Ltd.'s insurance portfolio.

As of Oct. 21, US$1 was equivalent to NZ$1.57.