Tower Australia (Tower) shares have been suspended from trading on the Australian Securities Exchange (ASX) after the scheme of arrangement between Tower shareholders became effective.
In a statement to the ASX yesterday, Tower said it had lodged a copy of the New South Wales Federal Court order approving the scheme with the ASIC.
"Tower Australia shares will be suspended from trading on the ASX from close of trading today, 27 April," the statement said. Non-Dai-ichi Life shareholders who hold shares on the record date for determining entitlements to receive the scheme consideration wil be entitled to receive $4.00 in cash per share."
The scheme consideration is expected to be paid to Non-Dai-ichi Life shareholders within five business days after Wednesday 4 May.
Last week, Tower shareholders voted in favour of the proposed scheme of arrangement.
On 18 April, Tower said its Australian shareholders, other than the Dai-ichi Life Insurance company and its associates voted in favour of the scheme at a meeting in Sydney.
In December last year, Dai-ichi offered to buy out the remaining shares in Tower that it didn't already own, for $1.76 billion.
