Friday 18th March 2011 3 Comments
|Text too small?|
The Securities Commission has today made orders against limited partnerships associated with Bernard Whimp.
The orders follow misleading offers made by the limited partnerships to buy shares in a number of listed companies.
They require the limited partnerships, through their general partner, Bernard Whimp, to send corrective statements to the shareholders to whom the offers were made.
Under the order the partnerships have to write to the shareholders because the original offer was misleading; that the offer appeared at first sight to be made at above the market value of the shares, but under the fine print the full payment would not be made for 10 years; and that the net present value of the offer is therefore much less than the nominal offer price.
The orders have been made for the following offers:
The Commission has also prohibited those limited partnerships, and other limited partnerships also associated with Whimp, from making unsolicited offers to buy securities in a way that is the same or substantially the same as the March 2011 offers.
The other limited partnerships subject to the prohibition are as follows: Cargill Securities LP Fairfield Securities LP Pearson Securities LP Powershares LP.
The Commission is also considering taking further action arising out of the misleading offers.
Scott Technology Limited (NZX: SCT) Announces FY21 Results
21st October 2021 Morning Report
Greenfern Industries Limited (NZX: GFI) L&Q Notice
TruScreen Group Limited (NZX: TRU) Clinical Trial Results Highlight Efficacy of TRU Technology
20th October 2021 Morning Report
Freightways Limited (NZX: FRE) Acquisition of ProducePronto
19th October 2021 Morning Report
PGG Wrightson Limited (NZX: PGW) Guidance Update
Vital Limited (NZX: VTL) Provides Update on PSN LMR
18th October 2021 Morning Report