The smaller investor will note with interest a recent development at Carlisle Group, owner of high street recruiters Tate, SRG and other businesses. Carlisle is listed on the Alternative Investment Market in London, but is registered in Belize City, in Central America. It has a fairly clear message for its smaller investors. It doesn't really want them any more. The company is to reorganise its share capital and allow investors with 100 shares or less to sell out, free of dealing costs.

Carlisle has about 3,300 shareholders, more than 70% of whom hold fewer than 100 shares. Carlisle wants to save some of the costs of maintaining a register "of this size". Some of the shareholders will also welcome this, as dealing costs can be high. The shares currently trade at about £1.10, so someone with 100 shares would get just £110. They are not going to be too thrilled at having to pay a £15 dealing charge.

It should also be noted that Carlisle's share price doesn't move for days on end and trading volumes are low. The company will consolidate its shares, meaning remaining investors will get one new share for every 100 they currently own.