able
26th January 2007, 06:27 AM
A "morally repugnant" opportunist using an Australian privacy loophole to lure Kiwi investors into selling shares cheap has struck again, and companies are warning shareholders to be alert.
AMP issued a warning after some of its shareholders received unsolicited offers for their shares for $6 each, just over half their $11.70 current value.
The offer was the work of Colonial Capital Corporation, linked to a man called David Tweed, who has made similar offers before and has been earmarked by the Australian Securities and Investments Commission for his `deals'.
A letter from Colonial offered selected AMP shareholders the budget share price recently, but AMP chief executive Andrew Mohl was emphatic that shareholders should hold on to their investments.
"We strongly urge shareholders not to accept this offer as it is significantly below the market value of the shares," Mr Mohl said.
A company associated with Tweed had made a similar offer to AXA and Nufarm shareholders last year, and caught at least one man out.
...... Full Story (http://www.stuff.co.nz/3940323a13.html)
AMP issued a warning after some of its shareholders received unsolicited offers for their shares for $6 each, just over half their $11.70 current value.
The offer was the work of Colonial Capital Corporation, linked to a man called David Tweed, who has made similar offers before and has been earmarked by the Australian Securities and Investments Commission for his `deals'.
A letter from Colonial offered selected AMP shareholders the budget share price recently, but AMP chief executive Andrew Mohl was emphatic that shareholders should hold on to their investments.
"We strongly urge shareholders not to accept this offer as it is significantly below the market value of the shares," Mr Mohl said.
A company associated with Tweed had made a similar offer to AXA and Nufarm shareholders last year, and caught at least one man out.
...... Full Story (http://www.stuff.co.nz/3940323a13.html)