Business
Tower : CAPITAL RETURN - FINAL COURT ORDERS RECEIVED
Tower : CAPITAL RETURN - FINAL COURT ORDERS
About this update from Tower Limited
For personal use only 1 March 2022 Market Information Company Announcements Office NZX Limited ASX Limited Level 1, NZX Centre Exchange Centre 11 Cable Street Level 6, 20 Bridge Street WELLINGTON Sydney NSW 2000 AUSTRALIA Capital Return to Shareholders - Final Court Orders Received Tower Limited (Tower) has received final orders from the High Court on 1 March 2022, approving the return of approximately NZ$30.4 million of capital to its shareholders. On 13 December 2021 Tower announced that it had received initial orders from the High Court to seek shareholders' approval for the return of capital and to obtain IRD approval. The return of capital is on a pro rata basis, by way of a scheme of arrangement under Part 15 of the Companies Act 1993. The return of capital was approved at a meeting of shareholders on 2 February 2022 with 99.46% of the votes cast, being cast in favour of the resolution. IRD approval has also been obtained. The scheme will involve Tower's shareholders: having one (1) share cancelled for every ten (10) shares held (together with all rights attaching to those shares) on the record date. Fractions of a share will be rounded up or down to the nearest whole number (with 0.5 rounded down); and receiving a cash sum of NZ$0.72 for each share cancelled. Australian registered shareholders will receive these funds in Australian dollars at an exchange rate approved by Tower on or about the record date. Tower Limited 136 Fanshawe Street, PO Box 90347, Auckland 1142, New Zealand Freephone: 0800 808 808 Calling from overseas: +64 9 369 2000 tower.co.nz For personal use only The record date for the scheme is 8 March 2022, with a summary of the key important dates set out below: Event Date Last trading day - Last trading day prior to halt 4 March 2022 of trading on NZX and ASX. Record Date - Record date for determining 8 March 2022 entitlement to participate in the scheme. Implementation Date - Shares cancelled. 9 March 2022 Trading resumes - Trading on NZX and ASX 9 March 2022 resumes (with ASX trading to be on a deferred basis for this day under temporary code TWRDB). Payment - Computershare to make payment By 22 March 2022 and send new shareholding statements (within 10 working days of record date). Blair Turnbull Chief Executive Officer Tower Limited For media enquiries, please contact in the first instance: Emily Davies Head of Corporate Affairs...