Tower gives up on 'desaparecido' shareholders

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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