Verizon announces voluntary sale and purchase programme for small shareowners

BENGALURU: Verizon Communications (Verizon) announced a programme to provide its small shareowners with a convenient and inexpensive way either to round their Verizon holdings up to 100 shares or to sell all their shares.

Similar odd-lot programmes are commonly offered periodically by public companies to reduce administrative costs and offer a service to investors. Verizon’s 2014 programme will be independently administered by Georgeson, a Computershare company. Computershare Trust Company, N.A., which is Verizon’s transfer agent, will serve as paying agent for the programme.

Verizon will not buy or sell any of the shares or otherwise participate in the programme, it says.

The programme is voluntary. It is intended to help owners of fewer than 100 Verizon shares who may have been deterred from selling their Verizon shares or buying additional shares because of the inconvenience.

Shareowners participating in the programme will be assessed a processing fee of US$ 1.50 per share purchased or sold, with a maximum fee of US$ 50 per account. Shareowners that have lost or misplaced stock certificates will also be permitted to participate in the programme for an additional fee to cover the required indemnity bond, says the company.

Eligible registered shareowners have been informed of the programme by mail since 15 December and will have through 16 January 2015, to participate. Shares held in the company's employee benefit plans are excluded from this programme.


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