November 28, 2016 / 8:00 PM / 9 months ago

BRIEF-TOWER posts FY16 results, announces board's intention to create a separate Co

Nov 29 (Reuters) - TOWER Ltd -

* Announced board's intention to create a separate co "RunOff Co."

* Fy revenue nz$302.9 million versus nz$304.7 million

* FY loss for year nz$21.5 million versus loss of nz$6.6 million

* "Legacy of Canterbury Earthquake continues to overshadow fundamental improvement"

* Board evaluating number of potential sources for capital, discussions are ongoing

* Fy net earned premium nz$253.8 million versus nz$252.8 million

* "FY dividend placed on hold to retain capital to facilitate structural seperation" Source text for Eikon: Further company coverage:

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