too many shareholders

Having read through the Annual report I was knocked off my seat when I realised that there are 17,702 shareholders for a company with a market cap of only $4.6m. Whats more there are 17,268 shareholders holding unmarketable parcel's of shares less than 89 for a total of 90,511.

Surely this number of shareholders is costing AEJ in managing its registry.

I think its appropriate that the board buy's these shareholders out. The cost would not be more than $700k which is less than what they have saved in interest from last year based on reducing the debt.

One would think the banks would be support of this for a number of reasons;
1. It reduces the ongoing costs for AEJ
2. It simplifies and stream lines the number of shareholders
3. It would take a step closer to making AEJ a more attractive takeove target

The benefit for the shareholders is that if done properly they can realise the investment without a transaction fee where as if they sold on market they cost would be huge. I have watched as parcel's of 1 to 31 shares have traded on adaily basis.
At least if the board gives these shareholders the opportunity it would be good for all!