TRADING IN TOWER SHARES SUSPENDED AHEAD OF FUNDING VOTE

New Zealand-based insurance and financial services group Tower was yesterday suspended from trading on the local bourse at its own request, ahead of issuing an update on its capital-raising plans. The ailing firm has resolved to put plans for a NZ$200m capital-raising initiative to a shareholder vote later this week, with two alternative proposals vying for support — one involving investment concern Guinness Peat Group and the other understood to involve private financial services group Hanover.