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

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