Towering listing entitlements
Tower members have been slow to pick up their share allocations with almost 30 mil-lion shares still unclaimed since the financial services company floated last month.
Tower members have been slow to pick up their share allocations with almost 30 mil-lion shares still unclaimed since the financial services company floated last month.
Only 240,000 of Tower’s 400,000 members in Australia and New Zealand have so far filed forms entitling them to the fully paid and partly paid Tower shares issued as part of the demutualisation process.
All unclaimed shares will be placed in the Tower Safe Trust to be held for members until they can be located. Tower can wind the trust up after two years if it considers the search for members has been exhaustive.
Tower chief, James Boonzaier, says the firm will soon have a system in place to effi-ciently find and inform members of their options.
He says letters will be written to Tower clients encouraging them to sign up for their shares.
Since the float at the end of September the Tower share price sunk to as low as $5.02 before recovering to sit around the $5.60 mark.
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AUTHOR
David Chaplin
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