Trading halt placed on Tower shares
Trading in the shares of New Zealand based financial services groupTowerwas halted today after the group admitted its interim performance results would not live up to market expectations.
In a statement to the Australian and New Zealand stock exchanges this morning, Tower said the group’s results for the 12 months to the end of September would be below market expectations.
“Management are today finalising interim financial results for the company for its year ended 30 September 2002. These interim findings are adverse to current market expectations,” the statement said.
A meeting of Tower’s directors has been scheduled for tomorrow, after which the group intends to make an announcement regarding its performance. The trading holt is expected to last until the announcement is made.
“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.
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