Tower shares rise 3.7% as board plans to reinstate dividends

Thu, 01 Mar 2018

By Paul McBeth March 1 (BusinessDesk) - Tower's board plans to reinstate dividend payments after a two-year freeze, having largely laid its Canterbury issues to bed with yesterday's settlement and last year's capital raise leaving the insurer well capitalised. The Auckland-based company suspended dividend payments in 2016 after raising provisions from the 2010 and 2011 Canterbury earthquakes and setting up plans to carve out the remaining claims into a separate entity. That plan was scuttled after a takeover tussle which fell through on...

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