NEW YORK — American Telephone & Telegraph Co. said today that it will offer the estimated 1.9 million share owners with fewer than 100 shares of AT&T's common stock a chance to sell those shares without paying a sales fee.
The program, under which AT&T will arrange the sale of the stock rather than buy back stock directly, should result in lower record-keeping costs, the company said. The program will run from Oct. 21 through Dec. 17.
AT&T said the small share-owners' holdings amount to about 55 million shares, or about 5% of the company's outstanding total of about 1.06 billion shares.
AT&T spokesman Dick Gray said the company currently estimates that about 10% to 20% of those eligible will participate in the program. If that estimate proves accurate, the company would save about $2 million to $3 million a year in record-keeping costs, he said.