Sounds like Tower will get most (if not all) of what they are owed and EQC don't want to go into battle over it (am I reading that right?)... meaning the extra capital being raised is almost entirely not needed... but will mean Tower is rock solid.
Mr Market clearly not impressed as the share price is down over 10 cents since monday... another profit upgrade, increasing GWP, technology upgrade programme roughly on track (no big blowout... yet) and a small yet nice growth opportunity the purchase of the Youi portfolio provides clearly not enough to please it - and the prospect of another year without dividends is certainly not helping.