Tower Limited (AU:TWR) has released an update.
Tower Limited has concluded its strategic review, maintaining its current business strategy and ownership structure, while the Reserve Bank of New Zealand removed its additional solvency margin requirement. The company has reaffirmed its FY24 guidance with expectations of a net profit after tax of over $45m and intends to pay a final dividend of 5 cents per share. Additionally, Tower plans to return NZ$45m to shareholders through a mandatory share buyback scheme, subject to court and shareholder approvals as well as certain conditions.
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