Steadfast Group (ASX:SDF) initiated a buy-back program for shareholders holding "unmarketable parcels" valued at less than AU$500, aiming to reduce the administrative costs associated with managing small shareholdings, according to a Tuesday filing with the Australian bourse.

The company will repurchase and cancel around 51,621 shares held by 745 shareholders at AU$4.11 per share, based on the recent volume-weighted average price, per the filing.

Shareholders holding 122 shares or fewer as of the record date of May 11, based on a closing price of AU$4.07 per share, will be automatically included in the program unless they opt out by submitting a retention form by June 26, the filing added.