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BTG prices share offer

Nicola Mawson
By Nicola Mawson, Contributor.
Johannesburg, 17 Jul 2006

Shareholders with fewer than 100 shares will receive R12.40 a share if they sell their stocks, says Bytes Technology Group (BTG).

This represented an offer price of R11.81 plus a 5% premium, the group said in a notice to the JSE on Friday. On Friday, its share closed at R12, up from Thursday`s close of R11.75.

BTG said last month that 1 250 out of its 6 915 shareholders held fewer than 100 shares each, with a total ownership of 36 114 shares, or 0.02% of the total issued share capital.

There were substantial recurring costs involved with the administration of such odd-lot holdings, but, at the same time, odd-lot holders found the dealing costs of selling their holdings often amounted to more than the value of the shares, it said.

The odd-lot offer is aimed at reducing BTG`s costs, as well as assisting the odd-lot holders.

According to Friday`s notice, shareholders with fewer than 100 shares on 4 August may increase their holding to 100 shares, keep their odd-lot holdings, or sell.

The earlier announcement said odd-lot holders who did not specifically choose one of the options would be deemed to have agreed to sell their odd-lot holdings.

Related story:
BTG to make odd-lot offer

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