From Investopedia,
"Since an odd lot is considered fairly insignificant to larger institutions, a company may choose to eliminate any odd holdings from the marketplace. This can include buying out the associated shareholder at a premium, offering additional shares to the shareholder to create a round lot, or engaging in a reverse split designed to result in the odd lot becoming equivalent to less than one share to pay the investor cash for a residual holding."
http://www.investopedia.com/terms/o/oddlot.asp
Fidelity sent me a notification/message regarding my CAH holding. I went back and re-read the message and it does indicate it's a "Voluntary Program." They say the cost is $3 per share up to a maximum of $50 per account participating in the program. I don't get it, trades at Fidelity are $7.95, why would one want to spend $50? I am now assuming the shareholder does not have to participate and just hold their "Odd Lot" shares.
"Since an odd lot is considered fairly insignificant to larger institutions, a company may choose to eliminate any odd holdings from the marketplace. This can include buying out the associated shareholder at a premium, offering additional shares to the shareholder to create a round lot, or engaging in a reverse split designed to result in the odd lot becoming equivalent to less than one share to pay the investor cash for a residual holding."
http://www.investopedia.com/terms/o/oddlot.asp
Fidelity sent me a notification/message regarding my CAH holding. I went back and re-read the message and it does indicate it's a "Voluntary Program." They say the cost is $3 per share up to a maximum of $50 per account participating in the program. I don't get it, trades at Fidelity are $7.95, why would one want to spend $50? I am now assuming the shareholder does not have to participate and just hold their "Odd Lot" shares.