ZIP announced and executed a Small Shareholder Sale Facility for share parcels of less than $500 AUD. The sale took place between October 9 and November 20, 2023. Proceeds were distributed to investors in December 2023 and the actual pooled price was $0.4034 per share. There was no brokerage cost to shareholders. The purpose was to clean up the share register and clear up individual holdings of between 1 and 1,851 shares.
It was not a buyback - ZIP organised for small parcels of shares to be sold to other willing parties without brokerage.
Holders could elect to keep their shares by contacting the registry, the sale was not compulsory. If the election was not given, then the shares were sold by default.
Ultimately almost 31 mil shares were sold, held by 69,669 shareholders
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