K&S (ASX:KSC) said it plans to conduct a buyback of ordinary shares for shareholders with less than marketable parcels of shares in the firm, and eligible shareholders will be able to sell their shares back to the company at AU$3.601 per share, according to a Wednesday filing with the Australian bourse.
A marketable parcel of shares is a parcel of greater than AU$500, based on the closing price of the shares on the Australian bourse, according to its listing rules.
It noted that as of the record date of March 21, an unmarketable parcel of shares is any shareholding of fewer than 139 shares, and 138 shareholders of the firm hold an unmarketable parcel, representing 0.002% of its shares.
The shares will be canceled once they are transferred to the company.
K&S will pay for all costs related to this buyback, excluding tax consequences, and it expects the program to reduce administrative costs associated with maintaining a large number of very small holdings.
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