04 November 2016
Sentry Holdings Limited ("Sentry") and TIG Topco Limited ("Towergate") acknowledge the completion today of the cash offer (the “Offer”) made by Tango Investments, LLC (the “Offeror") to purchase all the shares and warrants in Sentry and Towergate and the Offeror becoming the holder of shares giving it 17.9% of the voting rights in Towergate.
Commenting on the Offer, David Ross, Chief Executive Officer of Towergate, said: “The power our business takes from a strong, long term and supportive investor base cannot be underestimated. With this in mind, I am proud that Madison Dearborn Partners has become our second largest shareholder following the successful close of the Offer. We look forward to working with them as we continue to deliver upon our fix agenda and plan for growth.”
Further, Sentry and Towergate acknowledge the offer (the “Mandatory Offer”) announced today by the Offeror to purchase all the outstanding shares in Sentry and Towergate not held by the Offeror or Sentry.
Towergate and Sentry have elected to express no opinion and remain neutral towards the Mandatory Offer because it is not in a position to express a view with regards to the structure or terms of the Mandatory Offer which is being conducted in accordance with the process set out in Article 9 of the Composite Amended and Restated Articles of Association of Towergate.
The announcements in the paragraph above are made pursuant to Rule 14e-2 under the Securities Exchange Act of 1934.
Lois Hutchings - Group FP&A and Investor Relations Analyst
Towergate Insurance Limited