I think they’ve filled in the form wrong ……esp the acquired bits …..number and dates
I’d guess they bought some on Monday which took them over the 5%
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I think they’ve filled in the form wrong ……esp the acquired bits …..number and dates
I’d guess they bought some on Monday which took them over the 5%
Do Bain still hold a sizeable amount?
In BusinessDesk
Tower’s new shareholder, Pacific International Insurance, is confident in the general insurer’s future as a solid investment but has no intentions beyond that.
Pacific International emerged as a substantial shareholder of Tower on Wednesday, buying almost 22.1 million shares for A$12.9m (NZ$14m), or roughly 58.4 Australian cents each. The dual-listed stock recently traded at 62 NZ cents on the New Zealand stock exchange (NZX) and 57 Australian cents on the Australian securities exchange (ASX).
Kristy Sheppard, communications manager at Pacific International, said the firm has an active investment strategy to buy a wide range of high-quality stocks.
“Tower is one example of a stock that we have great faith in as a solid and stable investment,” Sheppard said in an emailed statement. “There are no plans beyond this.”
buying for next yrs high yield div stream
The 5 year chart is shocking. Anything changed in that time?
Yes, all the adverse factors against investing in an insurer, have happened. The chart tells a story, that investing in an insurer in time when insurance payouts are through the roof due to all sorts of adverse events, is probably not the best thing to be into right now.
5 years have seen change in chief executive and leadership, complete new ICT solution, increases in gwp, market share, relatively stable claims ratios despite high payouts, and a resumption in dividend payments.
It hasn't all been good news however with factors like covid having usual costs, and reinsurance costs increasing especially more recently. There was also subdued returns from conservative investment of insurance funds held, and an increase in requirements to hold funds.
Up to you if you think that has turned the company around and is worth investing from this point however.