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:

Genesis Energy announces opening of Rights Offer
March 4th Morning Report
Comvita appoints Andrea Wilkins as Chief Marketing Officer
Synlait provides banking facilities update
CHI - Channel Infrastructure delivers solid FY25 financial result
February 27th Morning Report
TRU - Results Guidance FY2026
TRU - Results Guidance FY2026
MEE - Me Today announces six-month results to 31 December 2025
HGH - Heartland announces 1H2026 result