Because share fractions create a disproportionate increase in administrative costs and burden, CIRI’s Board of Directors established a policy, effective June 1, 2012, to freeze CIRI’s existing share fractions by prohibiting single shares from being split and share fractions from being further divided. To effectuate the policy, procedures were implemented to ensure that, in settling CIRI stock estates, existing share fractions (i.e. less than one share) are distributed to only one recipient and any additional stock is distributed in whole shares only.
Beginning in 2013, to be eligible for the monthly $200 prize drawings, a shareholder must have a valid will on file that complies with CIRI’s fractional share policy.
Is your stock will current?
Please consider whether your will requires updating in light of the fractional share policy. CIRI urges shareholders to update their wills after giving or receiving a gift of stock, upon the death of a designated beneficiary or if additional shares are inherited. Marriage, divorce, the birth or adoption of children and other life changes are also reasons to complete a new will.
Need more info?
The CIRI stock will form, instructions and additional information on share fractions are located on the CIRI website at ciri.com/content/shareholders/estate.aspx. Contact CIRI’s probate staff at (907) 263-5191 or toll-free at (800) 764-2474 and select option 4 with any questions.
