26 Sep 2009

Tower share offer oversubscribed

8:52 am on 26 September 2009

Tower says it has received more money than it was looking for to help expand its operations.

The insurer and fund manager wanted $81.3 million and offered shareholders five new shares for every 16 shares at $1.34 each.

It says the offer is oversubscribed. Applications total $120 million, 47% more than it was seeking.