The High Court ordered that a meeting of Tower's (ASX:TWR, NZE:TWR) shareholders be held to decide on the company's proposed NZ$45 million capital return by way of a mandatory share buyback, according to a Monday filing with the Australian bourse.
The meeting is scheduled for Feb. 11, 2025, the filing said.
If approved, Tower plans to seek final court approval in March 2025, with payments expected in early April 2025, the filing added.
Shares of the company rose past 1% in recent Monday trade in Australia.
Price (AUD): $1.21, Change: $+0.01, Percent Change: +1.09%
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