BUSINESSDESK: Receivership specialist Michael Stiassny is joining the board of insurer Tower at a time when its ownership and strategy is a moveable feast because of the breakup of shareholder Guinness Peat Group.
Mr Stiassny told BusinessDesk the company was looking for some board members and he had experience in changing and helping things come to a conclusion. He referred comment on the company's strategic review to executives.
Mr Stiassny is chairman of Vector and has handled some of the most high-profile receiverships in New Zealand as a partner of KordaMentha and before that at Ferrier Hodgson.
He will be an independent director on the boards of Tower and Tower Capital. The Tower board currently has seven members, of which three are independent.
The shares rose 0.6% to $1.76.
In September the company said it was considering a number of proposals with interested parties after completing a strategic review with adviser Goldman Sachs.
Group managing director Rob Flannagan said the company was contemplating changing its business structure and it wanted to make sure policyholders were not affected.
He signalled an outcome to the process by February next year.
Tower's 33% shareholder Guinness Peat Group is in wind-up mode and most of its investments are being sold. GPG valued its investment in Tower at £83 million when it reported earnings for the six months to June 30, 2012.
GPG said then that Tower's share price did not reflect the value of its underlying assets.
"We are of the view that the company should affirmatively embark on an immediate process to optimise the structure and composition of its businesses, consistent with the interests of all shareholders."
This article is tagged with the following keywords. Find out more about MyNBR Tags
- MARKET CLOSE: Shares rise as Trade Me gains, F&P reaches record; A2 Milk falls
- NZ dollar gains as upbeat data across Asia spurs US dollar selling
- Will Hellaby's lumpy contract oil and gas business finally deliver?
- NZ house values rise at fastest pace in nine years
- Yoghurt Story promoted products that did not contain yoghurt – ComCom
Most listened to
- Hellaby’s oil & gas services business could deliver this year, says new managing director Alan Clarke
- Hamish McNicol talks about Yoghurt Story
- TrueNet's John Butt on internet speeds
- Snakk Media chief executive Mark Ryan wonders how to "move the needle" on Snakk's share price
- Head-to-head: Federated Farmers director Katie Milne and SAFE executive director Hans kriek debate dairy industry's treatment of bobby calves