Harbour Asset emerges as holder of Tower after GPG sells stake

Mon, 30 Sep 2013

Oct. 1 (BusinessDesk) – Harbour Asset Management, the Wellington-based boutique fund manager, has emerged as a substantial security holder in Tower following yesterday’s placement to sell Guinness Peat Group’s stake in the general insurer. Harbour Asset holds 12.95 million shares, or about 6.3 percent of Tower, it said in a statement to the NZX. First NZ Capital handled the placement of GPG’s 33.6 percent holding at $1.70 apiece, which was mainly to institutional investors. Tower last traded yesterday at $1.80. GPG’s exit from Tower leaves t...

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