Major investor Devon slashes stake in Tower Insurance

Mon, 30 May 2016

By Edwin Mitson May 30 (BusinessDesk) - A major investor in insurance business Tower has slashed its stake from just under 12 percent to just under 8 percent as the insurer's share price slumped and it issued a poor first half update earlier this month. Auckland-based Devon Funds Management has reduced its holding to 13.1 million shares, or 7.8 percent of the shares on issue, from 20.2 million shares, or 11.9 percent of the company, according to a substantial shareholder notice published to the NZX. The shares were sold between March...

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