Tower to raise $70.8 mln at 45% discount to bolster balance sheet; narrows annual loss

Mon, 13 Nov 2017

By Paul McBeth Nov. 14 (BusinessDesk) - Tower wants to raise $70.8 million at a 45 percent discount to bolstered its balance sheet while it continues to contend with escalating costs from the Canterbury earthquakes seven years ago. The insurer narrowed its annual loss. The Auckland-based company will sell shares at 42 cents apiece in a one-for-one pro-rata renounceable entitlement offer fully underwritten by Goldman Sachs New Zealand, it said in a statement. Suncorp Group subsidiary Vero Insurance, which would have paid $1.40 a share to...

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