On 2 April 2015, the Group completed a financial restructuring in relation to the senior secured creditors and senior unsecured creditors of Towergate Finance plc, a former intermediate parent company. As part of these arrangements, TIG Finco plc (a newly formed holding company) acquired the Group for consideration of £735.0m made up of the issue of £425.0m of Senior Secured Notes ("SSNs") by TIG Finco plc and the issue of new shares in TIG Finco plc’s indirect parent company, TIG Topco Limited, valued at £310.0m.
As a result of these arrangements Highbridge Principal Strategies became the Group’s majority shareholder.
On 2 April 2015, TIG Finco plc issued the following:
The Notes are listed on the Global Exchange Market of the Irish Stock Exchange.
Towergate Insurance Limited is a wholly owned subsidiary of TIG Finco plc. TIG Finco plc is a public limited company incorporated under the laws of England and Wales and a direct wholly-owned subsidiary of TIG Midco Limited, which in turn is a direct wholly-owned subsidiary of TIG Topco. All additional information provided on this website relates to the restructured Towergate Group following 2 April 2015.
Lois Hutchings - Group FP&A and Investor Relations Analyst
Towergate Insurance Limited