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Notice
Participants are advised that Tower Limited (Tower) has received final orders from the High Court on 12 March 2025, approving the return of approximately NZ$45 million of capital to its shareholders by way of a scheme of arrangement.
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$1.1858 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.
Key dates
Last day for trading in cum return of capital and in pre-reconstruction securities Last trading day prior to halt of trading on NZX and ASX |
Monday, 17 March 2025 |
| Record Date – Record date for determining entitlement to participate in the scheme. | Wednesday, 19 March 2025 |
| Implementation Date – Shares cancelled. | Thursday, 20 March 2025 |
| Trading resumes – Trading on NZX and ASX resumes (with ASX trading to be on a deferred basis for this day under temporary code TWRDC). | Thursday, 20 March 2025 |
| Payment – Computershare to make payment and send new shareholding statements | By Wednesday, 2 April 2025 |
For more information about the corporate action and the timetable, please refer to the market announcements of TWR.
ReferencePoint Corporate Action
ReferencePoint Corporate Action subscribers are advised that only the Reconstruction corporate action message has been disseminated for this event.
The corporate action message, with details below, was disseminated in the 12 March 2025 ReferencePoint Corporate Action file E34:
| Corporate Action I.D | 000438443 |
|---|---|
| Corporate Action Type Code | RC |
| Parent ISIN | NZTWRE0011S2 |
| Corporate Action Tran Type Code | A |
| Effective Date | 20250318 |
| Record Date Parent | 20250319 |
| Despatch Date | 20250320 |
| Subject Parent Issuer Code | TWR |
| Parent Adjustment Type Code | C (Consolidation) |
| Parent Adjustment Date | 20250320 |
| Object New Issuer Code | TWR |
| Object New Security Code | DC |
What do I need to do by when?
Participants are advised that ASX is not able to disseminate corporate action messages via ReferencePoint in relation to the Capital Return and therefore trading will not be tagged XC (ex-return of capital). The corporate action message was disseminated 12 March 2025 via a Reconstruction event and the trading will be tagged as Reconstructed (RE) from 18 March 2025.
Participants are reminded that CHESS override basis of movement with respect to the TWR Capital Return corporate action will not be possible and as a result all pre-reconstruction transfers that occur up until the Record Date will effectively be transferred on a Cum-Capital Return basis.
Need more information?
Issued by
Equity Post Trade Operations
Contact information
Equity Post Trade Operations
1800 814 051
chesshelp@asx.com.au