Tower warns interim results below market expectations

"Management are today finalising interim financial results for the company for its year ended September 30, 2002.

"These interim findings are adverse to current market expectations," the company said in a statement to the New Zealand Stock Exchange.

Shares in Tower, New Zealand's second-biggest fund manager for individual investors , last traded this morning up five cents at $3.55.

The company's board will consider the results at its directors meeting tomorrow and will brief the market after that.

"The company considers it desirable that the trading halt occur so as to prevent any trading in the company's securities today and tomorrow on an uninformed basis," Tower said.

Comments from our readers

No comments yet

Add your comment:

Your name:
Your email:	Not displayed to the public
Comment:
Comments to Sharechat go through an approval process. Comments which are defamatory, abusive or in some way deemed inappropriate will not be approved. It is allowable to use some form of non-de-plume for your name, however we recommend real email addresses are used. Comments from free email addresses such as Gmail, Yahoo, Hotmail, etc may not be approved.

Anti-spam verification:

Type the text you see in the image into the field below. You are asked to do this in order to verify that this enquiry is not being performed by an automated process.

Related News:

Tower to return 'initial' $70M of capital from sale of life business
Tower shares fall to 2-month low as licensing requirements may weigh on capital returns
Tower's licensing talks with RBNZ may push up minimum solvency requirements
Tower names Hancock as new chief executive, replacing Flannagan
Tower posts first-half profit as asset sales reap gains of $51.4 mln
Fidelity Life acquires most of Tower's life insurance business
Flannagan to leave Tower after strategic review, asset sales
Tower FY profit jumps 67%, to return $120M to shareholders; shares jump
Tower sells medical insurance unit to nib for $102M
Stiassny joins Tower board as questions linger over strategy