Flash memory and mobile phone accessory distributor Cellnet (ASX:CLT) has announced plans for a share sale facility to decrease its number of shareholders with small holdings.
The company intends to declare securities with a value of less than $500 to be unmarketable parcels. The move is being made to reduce Cellnet's administrative costs in communicating with its various shareholders.
A letter will be mailed to eligible shareholders by the end of March, Cellnet said. CLT shares stayed flat on Monday at $0.430.