Sharechat Logo

Chorus to cover brokerage for small shareholders wanting to sell

Wednesday 16th March 2016

Text too small?

Chorus will cover brokerage fees for small shareholders wanting to sell their parcels in a scheme that could whittle down the regulated telecommunications network operator's register by a sixth. 

The Wellington-based company intends to set up a facility where it will sell parcels of 100 shares or less on behalf of those shareholders, covering their brokerage fee, it said in a statement. About 5,000 of Chorus's 30,000 shareholders own small parcels, which are worth at most $1.98 million, or about 0.1 percent of the network operator's market value. 

Investors will have to opt out of the sale by June 24, either lifting their stake above 100 shares or notify registry service Computershare if they want to keep their shares. 

Chorus shares last traded at $3.96 and have increased 1.3 percent so far this year. The stock is rated an average 'hold' based on seven analyst recommendations compiled by Reuters, with a median stock price of $4.05.

BusinessDesk.co.nz



  General Finance Advertising    

Comments from our readers

No comments yet

Add your comment:
Your name:
Your email:
Not displayed to the public
Comment:
Comments to Sharechat go through an approval process. Comments which are defamatory, abusive or in some way deemed inappropriate will not be approved. It is allowable to use some form of non-de-plume for your name, however we recommend real email addresses are used. Comments from free email addresses such as Gmail, Yahoo, Hotmail, etc may not be approved.

Related News:

MPG - Metroglass clarifies media statements by Crescent Capital
VTL - Takeovers Panel orders Empire to reimburse Vital's expenses
March 14th Morning Report
SKT - Sky secures iconic sports rights
RYM - Ryman completes Retail Entitlement Offer
TEM - Transaction in Own Shares
FPH launches F&P Nova™ Nasal mask in NZ and AU
Fonterra announces changes to management team
March 12th Morning Report
WHS FY25 Interim Results teleconference details