Developer Buying Up Its Odd-Lot Shares

California Coastal Communities Inc. said about 230,000 shares of stock being acquired from small shareholders were priced at $6.51 a share.

The purchase price represents the stock’s average closing price for 10 trading days ended June 18.

The Irvine residential land development and home building company said the stock purchasing plan was carried out through a 1-for-100 reverse split after the market closed Friday to cash out about 12,000 odd-lot shareholders who had fewer than 100 shares of stock.

The reverse split was immediately followed by a 100-for-1 forward stock split, preserving the pre-split share price.

Over the last seven months, the company has repurchased about 1.9 million shares, representing about 16.3% of its shares outstanding, at a total cost of $11.5 million.

The company reported 11.5 million shares outstanding as of June 12.