TWR
12/06/2015 08:30
BUYBACK
NOT PRICE SENSITIVE
REL: 0830 HRS Tower Limited
BUYBACK: TWR: TOWER Ltd on market share buy back to commence 17 June 2015
12 June 2015
Market Information
NZX Limited
Level 2, NZX Centre
11 Cable Street
Wellington
New Zealand
Company Announcements Office
ASX Limited
Exchange Centre
Level 6, 20 Bridge Street
Sydney NSW 2000
AUSTRALIA
TOWER Limited on market share buy back to commence on 17 June 2015
TOWER Limited (TOWER) advises that on 17 June 2015 it will commence the on
market share buy back programme, which was announced on 26 May 2015. Under
the programme, TOWER will purchase up to 17.6 million of TOWER's ordinary
shares (representing approximately 9.99% of TOWER's issued capital).
To comply with the limits under the Australian Corporations Act 2001 (Cth), a
maximum of 8.6% of TOWER's issued capital may be purchased before 12
September 2015. Any further shares may then be bought back prior to the
conclusion date of the programme, being 16 June 2016.
The buy back will be undertaken on the NZX Main Board and the ASX.
To ensure that TOWER does not unduly influence the price of its shares when
acquiring shares under the buy back, the following trading safeguards will be
applied:
o TOWER will only buy back shares through NZX's order matching market and the
Clearing House Electronic Sub-Register System operated by ASX Settlement Pty
Ltd during normal trading hours, and there will be no off-market
transactions.
o Shares will not be purchased at a price which is more than the lesser of:
5% above the average closing price for the shares on NZSX over the previous
five trading days; or
5% above the volume weighted average market price of TOWER's shares as traded
on ASX over the five days on which sales of TOWER shares were last recorded
prior to the day on which a purchase under the buy back is made.
o TOWER will not take part in the opening transaction on a trading day.
o On any given day TOWER will not pay a price for its shares that exceeds the
highest price previously paid for TOWER shares on that day.
TOWER's Board may elect to suspend or terminate the buy back programme at any
time, or it may from time to time change any of the trading rules referred to
above or add any additional trading rules.
Further, TOWER will not purchase shares if it is aware of any information
which has not been disclosed to shareholders; and
o which is material to an assessment of the value of its shares; or
o as a result of which the terms of the buy back and consideration offered
for shares under the buy back would be unfair to shareholders accepting the
offer under the buy back.
As required by the NZSX Listing Rules and the ASX Listing Rules, TOWER will
make daily announcements to NZX and ASX of any shares bought back under the
share buy back.
The timing and actual number of shares purchased under the buy back will
depend on the prevailing share price, market conditions and other
considerations. All shares purchased under the buy back will be cancelled.
If you have any queries regarding the buyback, please contact TOWER investor
relations on +64 9 925 0034 (or email [email protected]), or any
primary market participant of NZSX or ASX.
Brett Wilson
Chief Financial Officer
TOWER Limited
ARBN 088 481 234 Incorporated in New Zealand
End CA:00265573 For:TWR Type:BUYBACK Time:2015-06-12 08:30:09
