Often they held a marketable parcel and when they sold, they...

Often they held a marketable parcel and when they sold, they kept one share so they could participate in discounted share purchase plans. It is rare for a company to call out this practice. It disproportionately costs the company to administer small holdings and send out annual reports and SPPs or rights issues. So hats off to NWH.

(As an aside, I have a company that recently completed an unmarketable parcel sale facility. Some didn’t sell in the hope of a discounted SPP. The company has since come out and announced a rights issue, which I think is the fairer way. Even if they participate they will only be able to buy an unmarketable parcel.)