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     holycow
Member
Username: holycow
Post Number: 58
Registered: 08-2004Rating: N/A
Votes: 0
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| | Wednesday, September 15, 2004 - 10:05 am: |  
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Sorry folks if I am crowding this place. I will post all the stocks and charts that I am interested in, or own, in this thread so it won't be all over the place. My apology.
TWR - Tower Ltd
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TWR - TOWER LTD - up nine cents to $2.01
Standard & Poor's Ratings Services said today that the ratings on Tower Ltd and its main operating subsidiaries, including Tower Australia Ltd, are not immediately affected by Tower's announcement of its proposed separate listing for its Australian wealth management operations.
Tower is rated BB-plus/stable/B, while Tower Australia is rated BBB-plus/stable.
Tower shares rose 12 cents or 6.35 per cent to $2.01.
TWR Weekly
1) note the high volume - indicating the sellers has done with selling?
2) The arrows show good entry points 1 on breakout, and 2 on pullback.
3) OBV has "progressed" well.
4) the two long terms MA's are indicating the stock has moved past its "stressed" state.
HC.
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holycow
Member
Username: holycow
Post Number: 92
Registered: 08-2004Rating: N/A
Votes: 0
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| | Monday, September 20, 2004 - 09:37 am: |
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Last Friday a large block has changed hand and from memory, bulk of the stock was transacted at 1.97 but no matter, the transfer was quite 'orderly' as reflected by the doji star. Is this a cause for concern? Don't know, but personally I won't lose sleep over it - the question/hope one should ask at this point is - "who is the buyer?" and "why?".
The only sensible conclusion is there is activity and somethin' is cooking. As usual. And coming just right off the announcement of splitting the company into two parts, I'd like to read that to be positive - some big investors are taking an interest. The downside is, some big investors are not too pleased too, but his/her/their wrath was "absorbed" without too much damaged.
At this point, one should "hope" instead of "fear" - you hope that the stock will keep moving higher to give you a better return because the stock is actually TRENDING UP! (corollary, you should be FEARFUL when your stock is TRENDING DOWN, or spiking down in a big way).
Anyway, I am setting my stop at 1.85 or around there. By buying low one can afford this little luxury when the going has turned uncertain for some reason. Should I be adding more? Frankly no. Not when such a large stake has just exchanged hands - you want to know who did what/why/how/when to whom before you want to plunge your precious $$$ further into the pot. If this stock is going into a longer trend, there will be plenty of opportunity down the road.
HC
"... if you've got a chart, I have an opinion!"
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holycow
Member
Username: holycow
Post Number: 104
Registered: 08-2004Rating: N/A
Votes: 0
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| | Thursday, September 30, 2004 - 09:16 am: |
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The Australian Financial Review -- Page: 21
Australasian insurance group Tower has attracted the attention of the Australian financial services industry. According to Tower's chairman, Olaf O'Duill, several unnamed companies have approached the group to discuss the acquisition of its wealth management businesses, Bridges and Tower Trust. AMP and Axa Asia Pacific are the most likely suitors, and O'Duill has confirmed that the potential buyers are non-bank institutions. O'Duill believes that the two wealth management businesses are substantial enough to be floated.
HC
"... if you've got a chart, I have an opinion!"
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holycow
Member
Username: holycow
Post Number: 109
Registered: 08-2004Rating: N/A
Votes: 0
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| | Thursday, September 30, 2004 - 04:34 pm: |
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http://sg.biz.yahoo.com/040930/15/3ngb6.html
A cynical cow's "read" in between the lines...
"We're not just sitting there playing with ourselves," he added. - Tower Ltd.'s chairman Olaf O'Duill said Thursday
- (he is probably telling the truth here  )
'He also confirmed that Tower has received "a few" approaches from parties interested in buying the Australian wealth management arm but said he told them it wasn't for sale.
"They can always wait for it to be a listed company and make a bid accordingly," O'Duill said.
O'Duill said Tower is intent on getting full value for the Australian wealth management arm through a spinoff, and a sale could reduce some of that value. '
- (he is posturing to the "few approachers", and he is "spinning" to the media)
'Tower's New Zealand business, which comprises insurance and investment businesses that will shortly be streamlined into one, has to either grow or it will become a target after the Australian spinoff, O'Duill said.
"Tower on its own is too small in the greater financial market in Australia and New Zealand," he said.
"We want to aggressively drive those businesses, they have the capacity to develop, to effect mergers, takeovers, whatever. Why not (do it)?" '
- (he is still posturing... and hinting, no, screaming loud... the spinoff is for sale - at A price!)
'He wouldn't confirm if the Tower has hired a former ANPNewZealand Ltd. staff member to look at acquisitions, divestments and mergers, as reported in the media last week.
Asked if Tower is presently sizing up any potential acquisitions in New Zealand, O'Duill said the board is "always reviewing possibilities" and will continue to do that. '
- (silence is consent, there is no need confirmation. the second para is fluff or if you like, vapour talk, the truth is, as he has indicated above - they have been busy playing with "themselves")
PS: Can some one tell me why words such as "market and place together" and "(A) (M)onkey (P)laying New Zealand" is banned in the forum please?
HC
"... if you've got a chart, I have an opinion!"
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holycow
Member
Username: holycow
Post Number: 358
Registered: 08-2004Rating: N/A
Votes: 0
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| | Monday, November 15, 2004 - 09:13 am: |
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TOWER Limited ("TOWER") announced on 13 September 2004 that it was considering the separate listing on the Australian Stock Exchange (“ASX”) of its Australian Wealth Management
businesses, and had appointed Caliburn Partnership Pty. Ltd. ("Caliburn") to review the proposal. Caliburn's review has been completed and as a result the Board has determined to proceed with the spin-off, subject to shareholder and Court approval.
Olaf O'Duill, TOWER Chairman, said, “The Board believes the spin-off of TOWER's Australian Wealth Management business would provide a more focused strategy for each separately listed entity.
Key features of the proposal:
· TOWER will transfer its Australian Wealth Management businesses, comprising Bridges and TOWER Trust, into a new company, Australian Wealth Management Limited ("AWM"), in exchange for approximately 120 million A$1.00 shares in AWM and a cash payment of A$130 million
· These 120 million shares in AWM will then be transferred to existing TOWER shareholders and, in consideration, an approximately equivalent value of TOWER shares held by existing TOWER shareholders will be acquired and cancelled via a New Zealand Court approved Scheme of Arrangement, requiring shareholder approval
· AWM will be listed on the Australian Stock Exchange
· AWM will undertake a capital raising of approximately A$130 million, by way of an entitlements offer of additional shares in AWM to make the cash payment to TOWER
· The entitlements offer will be renounceable, allowing shareholders to sell their entitlements in the event they do not wish to subscribe for additional shares in AWM
· The entitlements offer will be fully underwritten by GPG on terms to be approved by shareholders.
Following the Scheme and completion of the capital raising, TOWER will have no equity interest in AWM.
TOWER will use the A$130 million proceeds received from AWM to provide additional capital flexibility in pursuing its strategies for growth and new business development.
Expected timing:
· Detailed information regarding the Scheme and capital raising will be provided to shareholders in early December 2004
· A shareholders’ meeting to approve the Scheme will be held in late January 2005
· It is expected that the listing of AWM on the ASX and entitlements trading will occur in February 2005.
HC
"... if you've got a chart, I have an opinion!"
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holycow
Member
Username: holycow
Post Number: 362
Registered: 08-2004Rating: N/A
Votes: 0
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| | Monday, November 15, 2004 - 04:54 pm: |
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Monday November 15, 9:18 AM
UPDATE: NZ Tower Spin-Off Could Pave Way For New Opers
WELLINGTON (Dow Jones)--Insurer Tower Group Ltd. (TWR.NZ) said Monday it will go ahead with the spin-off of its Australian wealth management businesses and use the cash proceeds to grow and develop new businesses.
Tower said in a statement to the New Zealand Exchange that the new business entity, referred to as Australian Wealth Management, will be listed on the Australian Stock Exchange in February next year.
The spin-off plan for the Australian wealth management businesses Bridges and Tower Trust was first flagged by the company in September, and some analysts then suggested that Tower was trying to flush out any potential trade buyers.
Since then Tower chairman Olaf O'Duill has confirmed that a small number of potential buyers have made contact with the company to express interest in a purchase, but he has added that their offers would only be considered if they were substantially higher than what Tower felt it could gain from a spin-off.
O'Duill said the decision to go ahead with the spin-off had been made after receiving a review of the proposal from independent adviser Australian-based Caliburn Partnership Pty.
The spin-off will "provide a more focused strategy for each separately listed entity," he added in the statement.
The spin-off plan will see Bridges and Tower Trust transferred into a new company in exchange for about 120 million shares at A$1.00 apiece in the new company and a cash payment to Tower of A$130 million.
The deal effectively values the businesses at A$250 million, slightly higher than the A$238 million book value they carry in Tower's accounts, according to a Citigroup Smith Barney research note.
The new company's shares will be distributed to existing Tower shareholders, and an equivalent value of Tower shares acquired from them will be canceled.
The new company will then issue more shares in an initial public offering and attempt to raise about A$130 million needed for the cash payment to Tower.
The new issue of shares will be underwritten by Tower's major shareholder, Guinness Peat Group Plc. (GPG.LN), Tower said in a statement.
Following the process, Tower won't hold any interest in the new company, and it said it will use the cash payment to "provide additional flexibility" in its pursuit of a strategy to grow and develop new business.
The market appeared to be happy with Tower's decision. In early trading the company's shares were pushed up 2.1% to NZ$2.45.
Guinness Peat Group May Lead More Change At Tower
Macquarie Equities director of investment Arthur Lim said confirmation the spin-off will go ahead suggests that any potential buyers weren't willing to pay the premium Tower and Guinness Peat Group thought the Australian businesses demanded.
Guinness Peat Group's leaders "know this industry" and their decision to underwrite the initial public offering is a vote of confidence in the new company, he said.
Lim said Guinness Peat Group "wants to realize its investment" in Tower, and the spin-off is just the beginning of that process.
He suggested that after the spin-off is completed, Guinness Peat Group's focus may turn to Tower's New Zealand operation, and change will likely be seen there.
Guinness Peat Group traditionally buys into companies it views as undervalued, improves them, and gradually sells off assets to realize an overall gain.
Lim said Tower's New Zealand operations may become more attractive as a takeover target after the separation of the Australian wealth management businesses.
Tower's Australian wealth management businesses contributed 38% of the company's net profit for the six-month period ended March 31 this year, according to a Citigroup Smith Barney research note.
The note said a spin-off "does little to improve the competitive position" of either the Australian wealth management units, or Tower's remaining businesses.
It added that Bridges, which is the wealth management division's biggest earner, is significantly reliant on a five-year alliance it has with Australia's credit union movement, which is due to expire next year.
"We would want to see a clear renewal of that alliance to be comfortable about its future prospects," the research note said.
Tower will hold a shareholders meeting in late January next year to seek approval for the spin-off plan.
Detailed information will be sent to shareholders early next month, and court approval is also required for the spin-off to proceed.
Tower is due to release its full-year earnings Wednesday.
HC
"... if you've got a chart, I have an opinion!"
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colin_twiggs
Member
Username: colin_twiggs
Post Number: 1871
Registered: 09-2002Rating: N/A
Votes: 0
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| | Thursday, July 21, 2005 - 10:23 am: |
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HC,
I am going to ask you to move your analysis to the new "Fundis" topic under Australia, which we will probably rename as "Integrated Analysis". Don't start a new thread there. I will merely move the existing one.
Regards,
Colin
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