Z Energy leads sharemarket higher
edly surprised the insurer.
The stock fell as low as 64c, the lowest since Tower listed in 1999, after the insurer announced plans to sell shares at 42c apiece in a fully underwritten one-for-one pro-rata renounceable entitlement offer. The funds raised will let Tower repay a $30m loan from Bank of New Zealand and boost its surplus margin above the regulatory solvency capital.
Suncorp Group subsidiary Vero Insurance, which would have paid $1.40 a share to buy Tower had it not been blocked by the regulator, has committed to the capital raise.
gained 18 per cent to 13c. The mobile voucher firm,
Plexure Group
formerly called VMob, reported a narrower net loss in the first half of $195,000 as it lifted revenue to $5.4m from $3.6m and continued to streamline the business. The result was ahead of guidance.
closed unchanged
Mercer Group
at 36c.