Wednesday 20th April 2011 4 Comments
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SkyCity Entertainment Group shareholders are being targeted by an unsolicited below market offer from a limited partnership associated with businessman Bernard Whimp, forcing the Securities Commission to again warn shareholders against such offers.
SkyCity had earlier said it had been asked for a copy of its share register.
The commission warned shareholders to be wary of an offer dated April 18 from NZ Investment Securities LP to buy their shares for $2.30 per share, which is less than the $3.42 price the shares were trading at on the NZX in afternoon trading today.
The general partner of NZ Investment Securities LP is Whimp, who has been criticised for making lowball offers for shares without providing a comparison with the market price. The commission is taking legal proceedings against NZ Investment Securities LP and other limited partnerships associated with Whimp.
The SkyCity offer suggested that there was an urgent need for investors to act but the commission said it was not aware of any circumstances that would render this suggestion true.
It is not illegal to make an unsolicited offer to buy investments or to offer to buy them at a price below their current market value. It is against the law to mislead or deceive investors into accepting an offer.
The commission said Whimp, and some other people, had recently requested the share registers of a number of other listed companies and it was concerned that other unsolicited offers would be made in the coming weeks.
Any investor who receives an unsolicited offer is encouraged to treat such an offer with great caution - to carefully read the offer in full, including any fine print anywhere on the forms, and to take the time to make a few important checks.
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