Tower gives up on 'desaparecido' shareholders

Friday 28th June 2002

Tower Safe Trust, formed on Tower Ltd's demutualisation to hold shares allocated to policyholders who could not be traced, will be wound up on July 5.

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."

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