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Beyer throws in towel at Tower

Published: 12:32PM Friday February 21, 2003

There are signs that Guinness Peat Group is flexing its muscle in the battle for places on the boardroom of fund manager and insurer, Tower.

First, Derek Kirke withdrew his bid to become a director, saying it has been made clear to him that it is unlikely any of the prospective applicants, except for GPG's nominations Tony Gibbs and Gary Weiss, will succeed.

Kirke threw his support behind GPG, saying he is confident they are the right people to turn the company around.

Then by Friday afternoon Colin Beyer, who stepped aside as chairman earlier this week, threw in the towel.

Tower advised of his withdrawal through a notice to the New Zealand Stock Exchange.

Source: RNZ