TWR
04/09/2014 14:22
GENERAL
REL: 1422 HRS Tower Limited
GENERAL: TWR: Small shareholder buy-back scheme update
4 September 2014
Market Information
NZX Limited
Level 2, NZX Centre
11 Cable Street
Wellington
New Zealand
Company Announcements Office
Australian Securities Exchange Limited
Exchange Centre
Level 6, 20 Bridge Street
Sydney NSW 2000
Australia
Small shareholder buy-back scheme update
On 27 May 2014, TOWER Limited (NZE/ASX: TWR) announced its response to
shareholder requests for a cost-effective solution to dispose of small
parcels of shares in TOWER Limited. Shareholders with fewer than 200 shares
were provided with three options:
1.Do nothing if they wish to have their shares bought back and cancelled by
TOWER, at a price of $1.72 per share and without incurring brokerage or other
fees.
2.Increase their shareholding to more than 200 shares on the market. Any
market share purchase to increase shareholding to more than 200 shares must
be cleared and settled prior to 12 September 2014.
3.Opt-out of the buy-back and retain their shareholding by providing TOWER's
share registry, Computershare, with the 'opt-out' form before 12 September
2014.
TOWER was required to give three months' notice and shareholders who have
fewer than 200 shares at close of business on 12 September 2014, and who have
not filled in the opt out form, will have their shares cancelled on that date
and will be paid out at NZ$1.72 per share with a payment date of 17 September
2014. This price was based on the volume weighted average price at which
TOWER shares traded over the five days up to 27 May 2014, when the plan was
announced. Shareholders registered on the Australian register will be paid in
Australian dollars at the conversion rate applicable on the trading day prior
to the payment date.
Under the NZX Main Board Listing Rules, and unless otherwise determined by
NZX, if the market price of a listed company's share price exceeds $1 but
does not exceed $2, the minimum holding is 200 shares. Where the company's
share price exceeds $2 but is less than $5, the minimum parcel is 100 shares.
Over the past week, TOWER's share price has exceeded $2 and at the time of
this announcement is $2.01. Following an application by TOWER, the NZX has
issued a determination that TOWER may maintain the minimum parcel size of 200
shares, notwithstanding that TOWER's share price has recently risen and may
exceed $2.00 on the buy-back date, but provided TOWER's share price does not
exceed $5.00 on 12 September 2014. This determination applies to this
cancellation scheme only.
Shareholders are reminded that they still have the three options as outlined
above. Any questions about the proposed cancellation should be submitted by
email to [email protected].
ENDS
Michael Boggs
Chief Financial Officer
TOWER Limited
ARBN088481234 Incorporated in New Zealand
For further information, please contact
Julia Belk
Head of Capital and Investor Relations
Telephone: +64 9 369 9397
Email: [email protected]
End CA:00254888 For:TWR Type:GENERAL Time:2014-09-04 14:22:33
