88 Energy Ltd (AIM:88E, ASX:88E, OTC:EEENF) has now completed its ‘small holdings’ share redistribution which, helped by broker Euroz Hartleys, saw the company aggregate and sell into the market a total of 212.19 million shares from 7,362 shareholders.
The shares were sold at an average price of 0.644 cents per share. Proceeds will be returned pro rata to the minor shareholders, on 20 October.
“The reduction of the company’s shareholder base … will significantly reduce the administrative and corporate costs moving forward,” the company said in a statement.