Tower warns of low-ball offer

Last updated 14:58 12/11/2012

Related Links

NZ interest rates too high - Tower Aussies buy Tower's health insurance business Tower sells stake in Fisher & Paykel Tower Group sells health insurance arm

Relevant offers


Qatar launches first A350 flights to Australia Twitter layoffs: Jack Dorsey really, really wants to be Steve Jobs Where to seal the biggest beer deal ever? A tiny house in London H&M to open in Auckland's Sylvia Park Videos of building horror stories no surprise, council inspectors say Auckland business owner's asbestos conviction quashed Fonterra chairman John Wilson condemns proposal to cut board members Reserve Bank hints interest rate cut may fuel NZ housing costs, not investment Faster broadband for rural Marlborough by 2025 Wellington Airport avoids board of inquiry for runway extension resource consent

Tower is the latest company to issue a warning to its shareholder after come investors were contacted about a ‘‘low-ball’’ offer.

In a statement the insurance group said that Stock & Share Trading Company had written to its investors last week offering to buy their shares for $1 each. Tower shares ended last week with a market price of $1.92 and were unchanged in afternoon trade today.

‘Should you as a Tower shareholder receive such an offer, Tower strongly recommends that you seek independent advice and check the most recent market price for Tower shares on the NZX,’’ the company said in a statement.

Stock & Share Trading is an Australian company, whose sole director and shareholder is John Armour.

In recent months it has been writing to directors in a number of NZX-listed companies, offering to buy their shares, frequently at a heavy discount to the prevailing market price.

Since October last year, Stock & Share has been required to carry a warning statement on any unsolicited offers it makes, as part of an undertaking to the Financial Markets Authority.

Ad Feedback



Special offers

Featured Promotions

Sponsored Content