Tower shares halted ahead of possible capital return

Shares of Tower were halted on the New Zealand stock exchange, after the general insurer flagged an on-market buyback of shares earlier this month.

The request to halt trading comes after the insurer said earlier this month its capital holdings are well in excess of the Reserve Bank's minimum solvency requirements, giving it room to buy back as much as $34 million of its stock. At the time it flagged the on-market buyback in May, after it reported its annual results. 

Tower returned $56.7 million to shareholders through buybacks in January and September last year after a series of asset sales that left it with only the general insurance business. 

Shares of Tower last traded at $2.205 and have gained 2.6 percent since the start of the year. 

BusinessDesk.co.nz

Comments from our readers

No comments yet

Add your comment:

Your name:
Your email:	Not displayed to the public
Comment:
Comments to Sharechat go through an approval process. Comments which are defamatory, abusive or in some way deemed inappropriate will not be approved. It is allowable to use some form of non-de-plume for your name, however we recommend real email addresses are used. Comments from free email addresses such as Gmail, Yahoo, Hotmail, etc may not be approved.

Anti-spam verification:

Type the text you see in the image into the field below. You are asked to do this in order to verify that this enquiry is not being performed by an automated process.

Related News:

PCT - Precinct FY26 Annual Results
PYS - Mark Samlal retires as PaySauce Director
HGH - Heartland confirms receipt of Toi Foundation approval
SCT - Scott Targets NZ$165m in Protein Revenue by FY30
KPG - Kiwi Property FY27 first quarter dividend payment
August 25th Morning Report
CNU - Board change, closing date for director nominations, & ASM
PFI - PFI Announces FY26 Annual Results
August 24th Morning Report
SKL - Shareholder Register Release