NEW YORK – Verizon Communications (NYSE, Nasdaq: VZ) today announced a program 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 programs are commonly offered periodically by public companies to reduce administrative costs and offer a service to investors. Verizon’s 2014 program 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 program.
Verizon will not buy or sell any of the shares or otherwise participate in the program.
The program 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 program will be assessed a processing fee of $1.50 per share purchased or sold, with a maximum fee of $50 per account. Shareowners who have lost or misplaced stock certificates will also be permitted to participate in the program for an additional fee to cover the required indemnity bond.
Eligible registered shareowners will be informed of the program by mail starting today (Dec. 15) and will have through Jan. 16, 2015, to participate. Shares held in the company's employee benefit plans are excluded from this program.
Verizon shareowners can call Georgeson at 1-855-553-1153 for additional information.