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.
AUTHOR
George Liondis
Recommended for you
Sharing his reasoning in joining the FSC board, WT Financial chief executive, Keith Cullen, believes “product and advice cannot be separated” from each other in the current environment.
The Emerge Foundation, a charity run by financial advisers and fund managers, has announced a scholarship program to help veterans transition into tertiary education.
In an open letter, Sequoia chief executive Garry Crole has hit out against shareholders “with a personal axe to grind” as he fights for his job ahead of an EGM.
The JAWG has announced it is in talks with Treasury around five “core principles” to strengthen the education standards for new entrants to the financial advice space.
