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- Release Date: 21/09/12 15:29
- Summary: GENERAL: VCT: "Low-ball" offers must be stopped - Vector
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VCT
21/09/2012 13:29
GENERAL
REL: 1329 HRS Vector Limited
GENERAL: VCT: "Low-ball" offers must be stopped - Vector
MEDIA RELEASE
21 September 2012
Contact
SANDY HODGE
For media queries
Telephone 64-9-978 7638
Mobile 021 579 522
DANIEL KIESER
For analyst queries
Telephone 64-9-978 7780
Mobile 021 775 028
"Low-ball" offers must be stopped - Vector
Vector Chairman Michael Stiassny yesterday afternoon clarified his earlier
comments about low-ball share offers and the role of the Financial Markets
Authority in preventing them from occurring.
"The Financial Markets Authority is doing all it can to stop low-ball offers
within the constraints of its current authority, but it needs to be given
more power so it can stop these predatory offers from occurring.
"If Parliament needs to pass legislation to give the FMA the authority it
needs, then this should happen with urgency," he said.
Mr Stiassny said he was concerned that Vector shareholders had received
another unsolicited share offer, this time from Australian based company,
Stock and Share Trading for $1.00 per share, compared to today's share price
of $2.85, which means shareholders would be selling their shares at 65% below
market value.
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.
ENDS
End CA:00227591 For:VCT Type:GENERAL Time:2012-09-21 13:29:44
