20 Jun 2012

Tower warns of low share offer

1:59 pm on 20 June 2012

Tower is warning shareholders to be wary of a low ball offer for their shares.

The listed insurer says Stock and Share Trading Company has written to shareholders offering to buy their Tower shares for $1.30 a share.

On Tuesday, the company's shares closed at $1.60.

Tower is strongly recommending shareholders seek independent advice and check the most recent price of the stock on the NZX.

Stock and Share Trading is an Australian company whose sole director and shareholder is John Armour.