K&S (ASX:KSC) said it completed a buy-back of ordinary shares for holders of unmarketable parcels of shares in the firm, according to a Friday Australian bourse filing.
The firm provided allowed eligible shareholders to sell their shares to the firm at the buyback price of AU$3.601 per share, as announced on March 21.
A holding of less than 139 shares constituted an unmarketable parcel of AU$500, which meant 138 shareholders were eligible to participate. The final number of shares bought back was 1,671 shares, representing 89 shareholders, or around 64% of eligible shareholders. The shares bought back will cost the firm around AU$6,017.
This reduces the number of K&S shareholders to 1,459 and decreases administration costs associated with maintaining relatively small holdings on its share register.
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