IAG's shareholders give the thumbs-down to $380m stock purchase plan.

Australasian Business Intelligence, November, 2002

Nov 22, 2002 (The Courier-Mail - ABIX via COMTEX)

Insurance Australia Group shareholders have taken up only $A93 million of a $A380 million share offer. The share offer was to help finance the $A1.86 billion acquisition of CGU Insurance and NZI. One analyst said the disappointing result reflected poorly on the demand for IAG stock. Retail investors had not had a good return in the past from IAG shares, so the small take-up was not surprising. The share purchase plan was fully underwritten by Deutsche Bank and UBS Warburg. The shares not taken up by shareholders will be distributed to institutional investors.

Publication Date: 23 November 2002

INSURANCE AUSTRALIA GROUP LIMITED - 

ASX IAG:

CGU INSURANCE AUSTRALIA LIMITED:...

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