Tower Australia Group ’s fully underwritten one-for-seven renounceable pro rata entitlement offer fell short by 5.8 million shares. The shortfall, based on 52 million in stock offered, was pitched to institutional investors under a book build following yesterday’s market close. Tower sought to raise $96 million. Staff reporter

Rabobank Australia & New Zealand appointed Tracey Allen as an analyst in sustainability, climate change and water. Division general manager Justin Sherrard said the bank was expanding its coverage of these sectors with a focus on New Zealand’s emissions trading scheme, genetic modification and water trading. Vesna Poljak