Tower Says High Court Orders NZ$45 Million Capital Return

MT Newswires Live2025-03-12

Tower (ASX:TWR) has received final orders from the High Court, approving the return of about NZ$45 million in capital to its shareholders, according to a Wednesday filing with the Australian and New Zealand bourses.

The capital return will be executed via a scheme of arrangement, under which, Tower shareholders will have one share canceled for every ten shares held on the record date of Wednesday, March 19, receiving NZ$1.1858 for each share canceled on a pro-rata basis, the filing said.

Australian shareholders will receive the equivalent amount in Australian dollars based on an exchange rate set by Tower, the filing added.

The scheme remains subject to the company meeting solvency and regulatory capital requirements and the cancellation of shares is scheduled for March 20, the company said.

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