88 Energy Ltd (AIM:88E, ASX:88E, OTCQB:EEENF, FRA:POQ) told investors it has completed its transactions under a previously established Small Holding Share Sale Facility, wrapping up a process that removed 6,049 small shareholders off the register.
The facility, launched in June, was aimed at shareholders with less than "a marketable parcel" of shares, defined as holdings worth under A$500. It allowed those investors to exit without paying brokerage or handling fees.
Submissions into that facility closed on 30 July, and since then, the company's broker Euroz Hartleys has been reselling those shares on behalf of the small holders (and a total of 46.139 million shares were sold).
88 Energy said sale proceeds from the broker's programme will be apportioned pro rata among participating shareholders based on the number of shares sold on their behalf, with payment expected on or around 20 March.
The company said the smaller shareholder register should now lower its ongoing administration costs.