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Meteoric Resources To Buy Back Small Share Parcels

Meteoric Resources (ASX: MEI) has announced that it intends to undertake a sale of small share parcels.

The company said that it has many shareholders on its share register who hold parcels of less than $500 in value based on the current share market price.

Meteoric added that to assist in reducing the large shareholder base and the administrative costs associated with that base, Rule 8 of the Company Constitution (Unmarketable Parcels) provides the company with the power to sell Small Parcels at the company's cost and to remit the proceeds to the shareholder whose shares have been disposed of in this manner.

In many cases, such a sale may benefit the shareholders involved as it will allow their shares to be readily sold on the ASX (which they might otherwise find difficult to do due to the small size of their shareholding) and there will be no brokerage costs payable by them on the sale as these will be borne by the company.

Proactive Investors Australia is the market leader in producing news, articles and research reports on ASX "Small and Mid-cap" stocks with distribution in Australia, UK, North America and Hong Kong / China.