Tower Group A/S i likvidation
Company release no. 5 / 2012 – Signing of sales agreement
Tower Group A/S 04.04.2012 02:00 Dissemination of a Adhoc News, transmitted by DGAP - a company of EquityStory AG. The issuer is solely responsible for the content of this announcement. --------------------------------------------------------------------------- The sales process, initiated by the Board of Tower Group A/S on 22 December 2011 - as described in Company release nr. 1, 25 January 2012, and Company release nr. 2, 7 March 2012 - has today resulted in the signing of a Sale and Purchase Agreement with FFIRE Investment GmbH (a 100% subsidiary of FFIRE Immobilien Verwaltung AG), acting in cooperation with GEWOBAG Wohnungsbau-Aktiengesellschaft Berlin, who is targeting to take over Tower Group A/S' Berlin assets. In the transaction, FFIRE Investment GmbH will purchase the offered assets targeted for sale for an undisclosed price, and will assume a total of EUR 129.9 million in liabilities. The proceeds from the transaction should allow for the orderly liquidation of Tower Group A/S and its various subsidiaries. Following the signing, both parties will be working to fulfill a number of conditions to closing, including reaching agreements with all the major creditors of the Company. FFIRE Investment GmbH is a privately owned investment company specializing in distressed real estate transactions and in the management of their subsequent turnaround. GEWOBAG Wohnungsbau-Aktiengesellschaft Berlin is a housing corporation owned by the City of Berlin, with 63,600 units in Berlin, and an additional 7,000 units under management for third-party owners. Best regards Tower Group A/S Martin Coté CEO Questions regarding this release can be directed to Martin Coté, CEO, on tel.: +420 725 716 755. News Source: NASDAQ OMX 04.04.2012 DGAP's Distribution Services include Regulatory Announcements, Financial/Corporate News and Press Releases. Media archive at www.dgap-medientreff.de and www.dgap.de --------------------------------------------------------------------------- Language: English Company: Tower Group A/S Denmark Phone: Fax: E-mail: Internet: ISIN: DK0011188035 WKN: End of Announcement DGAP News-Service ---------------------------------------------------------------------------
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