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TWR
19/02/2013 12:26
CAPREC
REL: 1226 HRS Tower Limited
CAPREC: TWR: Capital repayment
19 February 2013
Market Information
NZX Limited
Level 2, NZX Centre
11 Cable Street
Wellington
New Zealand
Company Announcements Office
Australian Stock Exchange Limited
Exchange Centre
Level 6, 20 Bridge Street
Sydney NSW 2000
AUSTRALIA
TOWER Limited - Capital repayment
Further to the announcement on 17 December 2012 relating to its proposed
return of $120 million of capital to shareholders, TOWER Limited (TOWER)
advises that it obtained Court orders on 18 February 2013 that the proposal
be put to TOWER shareholders for consideration by way of a special resolution
at its annual shareholders meeting to be held on 21 March 2013.
The proposed repayment of capital will be on a pro rata basis, by way of a
scheme of arrangement pursuant to Part 15 of the Companies Act 1993. Under
the scheme of arrangement, all shareholders will be treated alike and
relative holdings of shareholders will not be affected. 3 shares for every 13
ordinary TOWER shares held will be cancelled at the record date, with
fractions of a share rounded up or down to the nearest whole share. TOWER
will pay shareholders $1.92 for each cancelled share. The proposed timetable
provides that the record date is 5 April 2013, and that TOWER shares will
trade on an 'ex return of capital' basis on ASX from 28 March 2013, and on
NZX from 3 April 2013 with a payment date of 12 April 2013. These dates are
indicative, and depend on the special resolution being passed, and on final
Court orders being obtained on 26 March 2013.
More information will be included in the notice of annual meeting and
explanatory notes, intended to be sent to shareholders by early March 2013.
Shareholders may obtain copies of the documents filed with the Court from
TOWER's website (tower.co.nz).
Bronwyn Walsh
Company Secretary & Compliance Manager
TOWER Limited
ARBN 088 481 234 Incorporated in New Zealand
End CA:00233113 For:TWR Type:CAPREC Time:2013-02-19 12:26:24
