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- Release Date: 20/09/12 10:51
- Summary: S/HOLDER: VCT: Shareholders offered 65% below market value in new low-ball
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VCT
20/09/2012 08:51
S/HOLDER
REL: 0851 HRS Vector Limited
S/HOLDER: VCT: Shareholders offered 65% below market value in new low-ball
Vector Chairman Michael Stiassny today expressed concern that Vector
shareholders had being targeted by a new low-ball share offer, which would
see shareholders sell their shares for 65% below the market value if they
accept the offer.
"I would encourage all Vector shareholders considering an unsolicited offer
from Australian based company, Stock and Share Trading to seek independent
advice and check the share price before coming to a decision. Vector's share
price today is $2.85 and the offer from Stock and Share is $1.00 per share,
which means shareholders would be selling their shares at 65% below market
value," he said.
Mr Stiassny said last year over 300 Vector shareholders responded to an
unsolicited share offer and sold their shares for well below the market
value.
"These shareholders did not receive a fair price for their shares and that is
just not good enough," he said.
Mr Stiassny said he supported calls from other listed companies, for the
Financial Markets Authority (FMA) to step in and legislate to stop low-ball
offers from being made.
"It is ridiculous that these offers continue. The sooner these are stopped
the better for us all," he said.
Mr Stiassny said the company had received a large number of calls from
shareholders who have received letters from Stock and Share Trading and were
concerned about the offer, some describing it as a "scam".
ENDS
End CA:00227509 For:VCT Type:S/HOLDER Time:2012-09-20 08:51:22
