Originally Posted by
Poet
So now it seems Tower's brilliant leadership team plans to use the excess funds to go shopping rather than returning it to shareholders. They raised the $47 odd million last year from shareholders to prop up their capital adequacy because the reserve bank wouldn't accept the (then) EQC receivable as part of their capital adequacy. Now they have finally go their hands on the EQC money (albeit somewhat diminished) they don't think that they are obliged to give it back to shareholders, instead they look around for some other way they can spend it - jeez, what a crew!
Do they look at the share price performance and pat themselves on the back, telling themselves that their shareholders are happy with their strategy? What world do they live in.
And don't get me started on the return of premiums re covid lockdown.
These people don't need to be buying other insurance books, they need to be bought themselves and maybe then their long-suffering shareholders can be put out of their misery