OZ Minerals has initiated two share sale facilities designed to allow shareholders with less than 5000 shares to sell their shares cost effectively and simply and to assist the company in reducing costs associated with servicing smaller holdings.
Unmarketable Parcels Sale Facility
Consistent with the Company’s Constitution, and recognising that the cost to shareholders of selling very small holdings can be prohibitive, shareholders with an unmarketable parcel of shares (equivalent in value to or below A$500) will shortly receive a letter in the form attached. This letter explains that, unless they advise the Company otherwise, their shares will be sold on market and the proceeds remitted to them at zero cost to them. Shareholders who wish to retain their unmarketable parcels of shares must return the form with the letter otherwise their shares will be sold.
Voluntary Share Sale Facility
This share sale facility will be available to shareholders who have holdings that are above the unmarketable parcel level of $500 but equal to or less than 5,000 shares. These holders will also be able to sell their holdings free of all brokerage charges. Shareholders in this category, who wish to retain their shares, are not required to do anything. Shareholders who wish to take up this part of the share facility offer must “opt in” via the form that will be enclosed with the letter sent to them.
OZ Minerals Managing Director and CEO Terry Burgess said, “We value the support from our shareholders. However, OZ Minerals incurs administrative costs in producing and distributing shareholding statements, annual reports, notices of meeting and other communication, irrespective of the size of the shareholding. In addition, investors holding small numbers of shares may find it difficult or expensive to dispose of those shares through the normal means. We are pleased to offer this opportunity to allow those with smaller shareholdings to sell their shares on market, at no cost to them.”
Documentation regarding each facility outlined above will shortly be sent to all shareholders holding 5,000 shares or less.
Click on ASX release for the full details
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