Edition:
United States

TOWER Ltd (TWR.NZ)

TWR.NZ on New Zealand Stock Exchange

0.85NZD
22 Sep 2017
Change (% chg)

$-0.04 (-4.49%)
Prev Close
$0.89
Open
$0.88
Day's High
$0.88
Day's Low
$0.85
Volume
43,264
Avg. Vol
359,529
52-wk High
$1.40
52-wk Low
$0.69

Latest Key Developments (Source: Significant Developments)

Tower Ltd appoints Jeff Wright as chief financial officer
Wednesday, 30 Aug 2017 04:30pm EDT 

Aug 31 (Reuters) - Tower Ltd ::Business performance for four months ending 31 July 2017 remains in line with company's half year update.Appointment of Jeff Wright as chief financial officer.Continues to consider a capital raise.Overall, GWP across Tower Group is up 1.9% as at 31 July 2017, compared to same period prior year."Financial impact of two South Island winter storms in July will be no more than NZ$1.2 million after tax".As at 31 July 2017, claims costs for New Zealand business, excluding large loss events, are $1.9 million higher than prior year.All figures in NZ$.  Full Article

Tower Ltd says Vero to appeal regulator's decision
Tuesday, 22 Aug 2017 04:31pm EDT 

Aug 23 (Reuters) - Tower Ltd :Vero to appeal Commerce Commission decision.Tower board continues to consider a capital raise.Advised by Vero Insurance New Zealand that it is appealing Commerce Commission's decision to decline its application to acquire 100 of tower.Tower's board will fully support vero with its appeal.Tower also intends to file its own cross-appeal within coming weeks.  Full Article

Suncorp comments on NZ Commerce Commission decision on Tower
Tuesday, 25 Jul 2017 06:55pm EDT 

July 26 (Reuters) - Suncorp Group Ltd :"disappointed" NZCC declined application of Vero Insurance New Zealand Limited (a wholly owned subsidiary of Suncorp) to acquire Tower.  Full Article

Tower Ltd says Commerce Commission declines Vero scheme
Tuesday, 25 Jul 2017 04:30pm EDT 

July 26 (Reuters) - Tower Ltd :advises that commerce commission has declined to clear Vero Insurance New Zealand Limited's agreement to purchase all shares in Tower it does not already own.awaiting release of Commerce Commission's decision to fully understand reasoning for decline.Tower will work with vero to assess implications for vero scheme.it will mean a shareholder vote will now no longer occur in early september..  Full Article

Tower Ltd announces mutual termination of Fairfax scheme​
Wednesday, 28 Jun 2017 08:04pm EDT 

June 29 (Reuters) - Tower Ltd :Announces mutual termination of fairfax scheme​.Tower will make no further comment on vero transaction until commerce commission has announced their decision on vero sia.On 27 june 2017 it had entered into a scheme implementation agreement (sia) with vero insurance new zealand limited.  Full Article

Tower Ltd signs scheme implementation agreement with Suncorp
Monday, 26 Jun 2017 10:50pm EDT 

June 27 (Reuters) - TOWER Ltd ::Tower signs scheme implementation agreement with Suncorp.Entered into scheme implementation agreement with Suncorp group ltd via its wholly-owned subsidiary, Vero Insurance New Zealand Ltd.Agreement to acquire 100 pct of tower shares at $1.40 per share.  Full Article

Tower says HY net loss attributable NZ$8.7 mln
Tuesday, 23 May 2017 04:31pm EDT 

May 24 (Reuters) - Tower Ltd ::Dividend payment suspension continued.HY net loss attributable NZ$8.7 million , down 8.05 percent year-over-year.HY underlying profit after tax was nz$8.1 million, a 7.6% increase from NZ$7.6 million in the first half of 2016.HY revenue from ordinary activities NZ$155.5 million, down 1.2 percent.All figures in NZ$.  Full Article

Tower Ltd announces financial impact from recent storm activity
Thursday, 20 Apr 2017 01:19am EDT 

April 20 (Reuters) - Tower Ltd :Financial impacts of recent storm activity.Maximum financial impact of storms associated with ex-cyclone Debbie will be $3.6 million after tax.Estimates gross claims costs for storms associated with cyclone debbie, including edgecumbe will reach between $10 million and $12 million.Cyclone Cook's impact was not as significant as expected.  Full Article

Suncorp Group says acquires 11.14 pct of ordinary shares in Tower
Tuesday, 21 Feb 2017 05:08pm EST 

Suncorp Group Ltd : Suncorp New Zealand acquires 11.14% of ordinary shares in Tower Limited in New Zealand . Standing in market to acquire up to 19.9% of shares in Tower .Proposed acquisition would help in creating a business with gross written premiums of NZ$1.6 billion.  Full Article

Tower confirms that it received a non-binding indicative proposal from Suncorp Group Ltd
Tuesday, 21 Feb 2017 04:34pm EST 

Tower Ltd : Confirms that it has now received a non-binding indicative proposal from Suncorp Group Limited .Suncorp is seeking to acquire all Tower shares at an indicative cash price of nz$1.30 per share.  Full Article

BRIEF-Tower Ltd appoints Jeff Wright as chief financial officer

* Business performance for four months ending 31 July 2017 remains in line with company's half year update