Melbana Energy (ASX:MAY) said it will provide a facility for shareholders with holdings valued at less than AU$500 to sell their shares without incurring brokerage or handling costs, according to a Tuesday filing with the Australian bourse.

Eligible shareholders holding 18,518 shares or fewer, based on a closing price of AU$0.027 on Jan. 3, 2025, can sell through the facility or opt out by Mar. 3, 2025, the filing said.

This move aims to reduce the company's administrative costs and assist shareholders in disposing of small holdings, the filing added.

Shares of the company rose nearly 4% in recent Tuesday trade.