18 Dec 2013

Share buy-back by Tenon

11:20 am on 18 December 2013

Tenon is planning to buy back up to 450,000 shares over the next 12 months.

The building products company is also giving shareholders who hold less than 500 shares the chance to sell them without having to pay brokerage fees as well as giving those holding less than 2000 shares the chance to buy more without paying brokerage fees.

Affected shareholders will have until the end of January to accept these offers. After that, Tenon plans to compulsorily sell all holdings of less than 200 shares, the level of ownership currently classed as a marketable parcel.

Tenon says about 22% of its shareholders own less than 200 shares and just below 50% own less than 500 shares.

Tenon says the purposes of the offers are to make it economic for those wishing to take advantage of them as well as to reducting the company's administration costs.