NEENAH, Wis. (AP) -- Neenah Paper wants to eliminate thousands of its smallest stockholders.
The paper company is offering to buy out more than 50,000 shareholders it inherited when Kimberly-Clark made Neenah Paper its own company in 2004.
About 51,000 people own less than 50 shares of Neenah Paper.
That's more than 80 percent of total shareholders, but only three percent of total shares.
The company estimates it could reduce costs by $600,000 or more because it wouldn't have to maintain the accounts or send mailings.
Financial advisor Mike Delaney at Baird and Company says every three months the company is mailing dividend checks, some for 10 cents, some for 50 cents.
Neenah Paper wants to buy out stockholders owning less than 50 shares by sending them a check for the current trading price.
Neenah Paper is trading at about $28 a share, which would cost the company about $9 million for the fragmented stocks.
The stock was at an all-time high last June at $45 a share.
That would have cost the company $15 million to buy back the same number of shares.