Stock Buyback on Tap

California Coastal Communities Inc.’s board decided to repurchase about 230,000 fractional shares in its move to eliminate the company’s large number of odd-lot shareholder accounts, the company said Wednesday.

The Irvine-based land development and home-building company is making a 1-for-100 reverse stock split, followed by a 100-for-1 forward split, to cash out about 12,300 odd-lot stockholders who hold fewer than 100 shares.

The splits will occur after the market’s close Friday and before its opening Monday. Shareholders will receive a cash payment equal to the value of their cashed-out shares based upon the average daily closing price for the 10 trading days up to and including Friday.

After the transaction, the company will have bought about 16.3% of its outstanding shares over the last seven months. Nasdaq-listed shares of California Coastal closed at $6.50, up 3 cents.