Consolidation of Unmarketable Parcels
SYDNEY, Australia, Tuesday 10th September 2019: Uscom Limited (ASX code: UCM) (the Company or Uscom) has established a sale facility for holders of unmarketable parcels of shares in the Company, being a parcel of shares with a value of less than $500. The sale facility is subject to the conditions set out in the attached notice.
As at the close of business on 30 August 2019, the Company had ~793 shareholders of which ~252(32%) held less than a marketable parcel (<$500 in value). Their holdings, which total ~424,528 shares, represent ~0.3% of the Company’s total issued shares.
The elimination of unmarketable parcels of shares will assist in reducing the Company’s large shareholder base and the administrative costs associated with managing that base. It will also benefit the shareholders of unmarketable parcels who otherwise might find it difficult to sell their shares due to the small size of their holding. These shareholders will also avoid incurring any brokerage costs as these will be borne by the Company.
Shareholders with unmarketable parcels will have the option to increase their holdings, retain their current unmarketable holdings, or sell their holdings through the UMP consolidation.
Assoc Professor Rob Phillips said “The Board and Management are committed to implementing corporate activities to improve shareholder value. This consolidation of unmarketable parcels allows us to simplify the register and streamline communications. This consolidation is in the interests of the company and the small shareholders.”
Attached are copies of the Notices which will be sent to all shareholders holding unmarketable parcels as at 30 August 2019.