Tower (ASX:TWR) returns NZ$30.4m to shareholders

• Tower Limited (TWR) completed its capital return to shareholders of approximately NZ$30.4 million (A$28.3 million) yesterday
• As part of the capital return, one ordinary share was cancelled for every 10 ordinary shares owned by shareholders on March 8, 2022
• Shareholders will receive a cash payment of NZ$0.72 (A$0.66) for each cancelled share
• Payments to shareholders will be made in line with the conditions of the capital return by March 22, 2022
• Shares in TWR finished the day in the grey at 64.2 cents

Tower Limited (TWR) completed its capital return of about NZ$30.4 million (A$28.3 million) to shareholders yesterday.

As part of the capital return, one ordinary share was cancelled for every 10 ordinary shares owned by shareholders on March 8, 2022, with fractions rounded up or down to the next full share (0.5 rounded down).

Following the capital return, the total number of shares Tower has on issue is 379,483,987.

Shareholders will receive a cash payment of NZ$0.72 (A$0.66) for each cancelled share.

The funds will be distributed to Australian registered shareholders in Australian dollars at an exchange rate determined by the company on or around the record date.

Payments to shareholders will be made in line with the conditions of the capital return by March 22, 2022.

Tower is undertaking a capital return through a court-approved plan of arrangement.

Shares in TWR finished the day in the grey at 64.2 cents.