Paracon Holdings has announced the price of its offer to buy back the stakes held by those of its shareholders owning fewer than 1 000 shares.
The group first announced that it was preparing to implement the odd-lot offer when it released its results towards the end of last year.
Financial director Mireille Levenstein said at the time that with a large number of shareholders owning less than 1 000 shares, it was proving costly to comply with regulations in communicating with them through circulars, annual reports and other requirements.
The group is offering these shareholders three options: to buy enough shares at 62c each to increase their shareholding to 1 000 shares; to sell their odd-lot holding at 65c a share; or to retain their odd-lot holding.
It says the volume-weighted average traded price of a Paracon share on the JSE for the five trading days up to and including yesterday is 62c.
The offer to buy the odd-lot holdings represents a 5% premium to that price, it adds.
The odd-lot offer is subject to shareholder approval at a meeting scheduled for 28 January.
The Paracon share was trading at 61c this morning, unchanged from yesterday`s close.
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