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:

HLG Full Year Results for the period ending 1 August 2025
TWR - Tower announces partnership with Westpac NZ
PaySauce charts Australian launch; reiterates guidance
September 26th Morning Report
Fonterra reports continued strong performance in FY25
Air NZ issues Australian $300 million Medium Term Notes
KMD - FY25 Annual Results Announcement
Tower successfully renews insurance programme for FY26
September 24th Morning Report
AIA - Auckland Airport considers bond offers