Tower gives up on 'desaparecido' shareholders

The directors of Tower Safe Ltd, the trustee, said they were satisfied sufficient attempts had been made to find those entitled to the shares.

The trust holds 6.1 million Tower shares and $5 million cash, worth around $34 million, or 4% of Tower's market capitalisation.

The shares will be cancelled and the cash transferred to Tower Ltd.

The trust has been criticised for refusing to supply lists of untraceable holders. It cited privacy issues.

It has also attracted criticism as a "takeover defence."

Comments from our readers

No comments yet

Add your comment:

Your name:
Your email:	Not displayed to the public
Comment:
Comments to Sharechat go through an approval process. Comments which are defamatory, abusive or in some way deemed inappropriate will not be approved. It is allowable to use some form of non-de-plume for your name, however we recommend real email addresses are used. Comments from free email addresses such as Gmail, Yahoo, Hotmail, etc may not be approved.

Anti-spam verification:

Type the text you see in the image into the field below. You are asked to do this in order to verify that this enquiry is not being performed by an automated process.

Related News:

June 2nd Morning Report
IKE - FY26 Financial Results
Chorus submits 2025 fibre regulatory report
SPG - FY26 Annual Results
PYS - PaySauce FY26 Full Year Result and Annual Report
IFT - Infratil Full Year Results for the year ended 31 March 2026
May 27th Morning Report
RYM - FY26 marks significant year of progress
FPH reports strong revenue and profit growth for FY26
IFT - Infratil Full Year Results for the year ended 31 March 2026