On March 7, 2006, the shareholders of Tower Properties Company approved amendments to the company's Articles of Incorporation to effect a reverse 1-for-50 stock split followed immediately by a forward 50-for-1 stock split of the company's common stock. The transactions are expected to become effective as of the close of business on March 7, 2006.
Shareholders holding fewer than 50 shares immediately before the stock split transactions will receive from the company $326.43 in cash, without interest, for each share held immediately before the transactions and shareholders holding 50 or more shares will continue to own the same number of shares.