DKN puts accrued shares up for sale
Listed dealer group DKN Financial put a number of shares up for sale today, having accrued a bank of available stock after it encouraged smaller share holders in January to part with their holding in the company.
On January 17, the Melbourne based company asked shareholders with less than a marketable parcel of shares - under $500 - to sell up, as they were becoming an administrative burden to DKN by costing them too much in share registry, printing and mailing fees. To encourage them to sell, DKN offered to cover all of the small shareholder’s brokerage costs.
It was estimated in January that over 600 DKN shareholders held parcels of ordinary shares worth less than $500.
According to DKN, 471 of these shareholders participated in the sale, which was managed through a facility established with the Australian Stock Exchange.
These shareholders held a total of 146,070 shares, representing 0.3 per cent of DKN’s issued capital.
All of these shares went up for sale today through the broker JM Equities.
Money collected from the sale will be given to the 471 small shareholders who parted with their stock by 21 March 2005.
The sale of the small shareholdings will result in DKN having approximately 1,470 shareholders.
Recommended for you
Net cash flow on AMP’s platforms saw a substantial jump in the last quarter to $740 million, while its new digital advice offering boosted flows to superannuation and investment.
Insignia Financial has provided an update on the status of its private equity bidders as an initial six-week due diligence period comes to an end.
A judge has detailed how individuals lent as much as $1.1 million each to former financial adviser Anthony Del Vecchio, only learning when they contacted his employer that nothing had ever been invested.
Having rejected the possibility of an IPO, Mason Stevens’ CEO details why the wealth platform went down the PE route and how it intends to accelerate its growth ambitions in financial advice.
