Tower shares rally as capital returns keep coming

Tower has some good news for shareholders. (Image: Deposit Photos)

Wed, 24 Nov 2021

Tower shares rose 6.2% after the general insurer flagged plans to buy back $30.4 million of its own shares at a premium to the current trading price.The company plans to buy back one in 10 shares at 72 cents apiece in March next year, subject to shareholder and court approval, with its balance sheet strong enough to give it ample room above the regulated level of capital it has to keep on its books.The stock rose 4 cents to 68.5 cents in midday trading on the NZX, its highest level since Sept 21.“Investors are obviously going to be please...

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