cost cutting - small holdings buyback, page-2

If OZL hadn't been managed by a pack idiots then those with a small shareholding wouldn't be placed in this position. Maybe OZL management should offer those unfortunate shareholders who lost 70% of their holding by their STUPID management a price that reflects the amount that they had originally invested in OXR or ZFX.
The fact that these shareholders NOW hold less than a marketable parcel (ie $500) is due to incompetence of the OZL management.
Maybe the OZL managemnt should take a substantial pay cut, instead of ripping off small shareholders, I'd doubt whether the postage to a few small shareholders would even compare to one restaurant bill for a directors meeting.


http://www.theaustralian.news.com.au/business/story/0,28124,26025296-5005200,00.html

OZ Minerals is trying to cut administrative costs by cleaning out its share register of investors with small shareholdings.

The miner has come up with a scheme to assist holders of smaller parcels of shares to offload their investments free of brokerage costs.

OZ Minerals today unveiled the plan for shareholders with an "unmarketable'' parcel of shares, worth below $500, to be able to part with their shares at no cost.

Those shareholders will be sent a letter. Unless relevant shareholders opt out of the scheme, their shares will be sold on-market at no cost.

Shareholders who own more than $500 in stock, but 5000 shares or fewer, also will be able to offload their holdings free of brokerage, but must opt in to the scheme.

Shares sold as part of the plan will be offloaded on October 19 at the volume weighted average price received by the broker for the sale.

OZ Minerals chief Terry Burgess said the move would help the company and be a way for those with small holdings to sell their shares without prohibitive brokerage fees.

"OZ Minerals incurs administrative costs in producing and distributing shareholding statements, annual reports, notices of meeting and other communication, irrespective of the size of the shareholding,'' Mr Burgess said in a statement.

"Investors holding small numbers of shares may find it difficult or expensive to dispose of those shares through the normal means,'' he said.