HARTFORD, Conn., June 16 /PRNewswire-FirstCall/ -- Virtus Investment Partners, Inc. (Nasdaq: VRTS), which operates a multi-manager asset management business, today announced a voluntary program that allows shareholders who own fewer than 100 shares of Virtus common stock to sell all their holdings, purchase additional shares to increase their position to 100 shares, or donate shares to a charitable organization.
This special program is designed to give shareholders a convenient and cost efficient way to increase or eliminate their position size, and allows Virtus to save on costs associated with managing small "odd lot" accounts. Shareholders also have the option to donate shares to ShareGift USA, an organization that distributes the proceeds from the sale of donated shares to several pre-determined 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 per share that is applied uniformly to all shareholders during the program's two participation periods.
The program, administered by Georgeson, Inc., is in effect from June 1 through July 16, 2010, unless extended or terminated early. Information about the program, including how to participate, calculation of the sale or purchase price, and processing fees to be paid by participating shareholders, was mailed to eligible shareholders starting June 1. Shareholders who have questions about the program can call Georgeson toll-free at 1-888-549-6604.
The actual price of a share sold or purchased cannot be guaranteed in advance and neither Virtus nor Georgeson does or will recommend whether a shareholder should participate in this program.
About Virtus Investment Partners
Virtus Investment Partners (Nasdaq: VRTS) is a distinctive partnership of boutique investment managers singularly committed to the long-term success of individual and institutional investors. The company provides investment management products and services through its affiliated managers and select subadvisers, each with a distinct investment style, autonomous investment process and individual brand. Virtus Investment Partners offers access to a variety of investment styles across multiple disciplines to meet a wide array of investor needs. Additional information can be found at www.virtus.com.
SOURCE Virtus Investment Partners, Inc.