Devon Funds Management has taken a 5.09 per cent stake in NZX-listed insurance and financial services company Tower, Devon said in a substantial security holder notice.
Tower is 34 per cent-owned by investment company Guinness Peat Group (GPG), which is in the process of divesting assets. At today's prices, GPG's stake is worth about $148.2m.
The company is GPG's last remaining significant New Zealand business and is its single biggest asset outside of Coats, a major UK threadmaker.
Tower is due to report its first half result on Friday.
The company's shares last traded at $1.64 each, up 2c from Friday's close.
