During the past year and a half, the Company has experienced a significant fall in value (more than 90%) due to a reserve shortfall and its subsequent strengthening. In January 2014 the Company entered into a merger agreement with ACP Re Ltd. to purchase each common share of Tower for $3.00 which was later reduced to $2.50. ANS believes that the deal unjustly benefits the Company’s officers on the expense of the shareholders.
ANS is certain that the new solution would provide a better outcome and a fair compensation to the shareholders. ANS urges ALL shareholders who have a material stake in the Company to get active and contact ANS.
ANS Capital Partners LLP
5 Royal Exchange Buildings
London EC3V 3NL
+ 44 797 837 5948
This press release may include forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Any such forward-looking statements are based on ANS current expectations and are subject to uncertainties including the timing to consummate a potential transaction between the Company and ANS, the ability and timing to obtain any required regulatory approvals and the risks and uncertainties inherent in the industry. There is no assurance that the potential transaction will be consummated. Investors and security holders are cautioned not to place undue reliance on any forward-looking statements, which apply only as of the date of this press release. ANS does not undertake any obligation to update any forward-looking statements to reflect events or circumstances after the date of this press release.