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An announcement from Tower Limited ( (AU:TWR) ) is now available.
Tower Limited has issued 859,288 fully paid ordinary shares for nil cash consideration following the vesting of unquoted share rights under its Long-Term Incentive Plan, after total shareholder return performance hurdles were assessed as fully satisfied. The move, authorised by the board under NZX Listing Rule 4.9.1(b), represents approximately 0.25% of the company’s ordinary share capital and brings the total number of ordinary shares on issue to 343,411,351, alongside 3,693,232 outstanding share rights, with plan participants restricted from selling the newly issued shares on the ASX for 12 months, underscoring Tower’s ongoing use of equity incentives to align management with shareholder outcomes while modestly diluting existing holders.
More about Tower Limited
Tower Limited is a New Zealand-based insurance company listed on the NZX under the ticker TWR, with its capital structure primarily comprising fully paid ordinary shares. The company operates under standard NZX listing rules and utilises equity-based long-term incentive plans as part of its executive and senior staff remuneration framework.
Average Trading Volume: 95,614
Technical Sentiment Signal: Buy
Current Market Cap: A$555.8M
For an in-depth examination of TWR stock, go to TipRanks’ Overview page.