24th Apr 2020 09:58
(Alliance News) - Quilter PLC on Friday said it will pay 120.24 pence per UK share and 2,812.63 rand cents per South African share under its odd-lot offer.
The odd-lot offer was announced in March and will see Quilter's shareholders with fewer than 100 shares be able to sell stock at a 5% premium to the average share price for the past five trading days.
Shares in Quilter were down 0.9% in Johannesburg at ZAR26.88 on Friday morning, while being 1.1% lower in London at 114.40p.
Payment will be made on or around May 29, with UK register shareholders being paid in sterling and SA register shares are paid in rand.
Quilter in March explained it has "an unusually large" number of small shareholders for a company of its size. It said the recurring costs of administration from the large number of shareholders are disproportionate to the size of a small shareholding and affect shareholders as a whole.
By Anna Farley; [email protected]
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