Monday 15th November 2010 |
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Both the Securities Commission and Perpetual Trust have warned investors to seek independent financial advice before making a decision to accept Stock and Share's latest five cents offer for their debenture investments in Strategic Finance (in receivership and liquidation).
"The receivers recently provided a report to investors advising that their current estimate of recoveries from Strategic's assets is gross returns to Strategic's debenture holders of between 12 and 35 cents of the amount that is owed them," said Perpetual Corporate Trust head Matthew Lancaster.
"While Stock and Share's offer may hold some appeal to investors who are seeking funds prior to Christmas, we remain confident that a much better payment is coming their way. We also continue to caution anyone considering this bid to carefully check that the terms of Stock and Share's offer guarantee immediate payment."
The Securities Commission has previously warned investors about unsolicited offers of this nature. On its website the Commission says that although such unsolicited offers are not illegal, even when offering prices below market value, it is against the law to mislead or deceive investors into accepting an offer.
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