Wellington, Aug 8 NZPA - Corporate raider and strategic investment company Guinness Peat Group PLC is quitting its stake in Tower Australia Group Ltd, and says it will sell the The Dai-ichi Mutual Life Insurance Company its entire 29.7 percent shareholding - 100,351,041 shares.

The transaction consists of three tranches:

- 50,289,979 (14.9 percent) shares have been sold unconditionally at a price

of $A3.75 ($NZ4.81) per share

- 16,875,832 (5.0 percent) will be sold subject to approval by Australian

regulatory authorities (Foreign Investment Review Board and Australian

Prudential Regulation Authority) at a price of $A3.75 per share

- 3 3,185,230 (9.8 percent) will be sold )subject to approval by both Australian regulatory authorities and Tower Australia shareholders) at a price of A$3.75 a share

The value of Tower Australia's gross assets at 31 March 2008 was $A3,486.0 million ($NZ4479 million) in the six month period to 31 March 2008. Tower Australia's profits were $A30.9 million

GPG two directors on the Tower Australia board, Dr Gary Weiss and Mr Michael Jefferies will resign immediately.

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