Tower to return $45m capital to shareholders after court approval

Tower Limited (NZX:TWR) is set to return approximately NZ$45 million of capital to its shareholders after receiving final orders from the High Court on March 12, 2025. The capital return, approved by shareholders on February 11, 2025, at an ASM, will proceed on a pro rata basis under Part 15 of the Companies Act 1993. According to the company’s filings with the New Zealand stock exchange, the return involves cancelling one share for every ten held on the record date, with shareholders receiving NZ$1.1858 per cancelled share.