Hartford asset manager Virtus Investment Partners Inc. has implemented a voluntary program that allows shareholders of fewer than 100 shares to sell their stock, buy additional shares to get to 100, or donate shares to a charitable organization, The Associated Press reports.
The program is designed to help shareholders increase or eliminate their ownership in the company. It allows Virtus to save on costs associated with managing small odd lot accounts.
Shareholders have the option to donate shares to ShareGift USA, an organization that distributes the proceeds from the sale of donated shares to several predetermined charities.
Shares submitted for sale are matched to shares requested for purchase, with the balance being traded in the open market.
Participants receive or pay a market-based price that is applied uniformly to all shareholders during the program’s participation period.
The program, administered by Georgeson Inc., is in effect from June 1 through July 16, unless extended or terminated early.
