Gold producer Echo Bay Mines (TSE) announced a program under which shareholders owning “oddlots” of the company’s stock (fewer shares than a board lot of 100 shares) may either sell their shares or purchase additional shares to increase their holdings to board-lot size, free of brokerage or additional costs.
The company said it has about 8,000 registered oddlot shareholders and an estimated additional 8,000 beneficial shareholders owning oddlots in brokerage accounts, or a total of about one-quarter of its estimated 64,000 shareholders. This one-quarter of its shareholders owns less than six-tenths of 1% of the company’s shares (or about 600,000 of the 104 million shares outstanding).
Shareholders who owned fewer than 100 shares as of the close of business Oct. 18 are eligible to participate. The offer will expire Nov. 22.
Be the first to comment on "Echo Bay makes oddlot’ offer"