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- Release Date: 19/07/13 12:35
- Summary: GENERAL: PGW: PGW Warning Regarding Unsolicited Share Purchase Offers
- Price Sensitive: No
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PGW
19/07/2013 10:35
GENERAL
REL: 1035 HRS PGG Wrightson Limited
GENERAL: PGW: PGW Warning Regarding Unsolicited Share Purchase Offers
PGG Wrightson Ltd (PGW) has received notice from an Australian company,
Washington Securities Pty Limited (Washington) that it intends to make
unsolicited offers to some PGW shareholders to purchase their PGW shares for
$0.20 per share. Washington has indicated it may also make subsequent offers
to other PGW shareholders over the next six months.
The price offered by Washington is substantially below current market value
(which was $0.32, at the close of trading on Thursday 18 July).
Washington has made similar "low-ball" offers to shareholders of other listed
New Zealand companies. We understand that the sole director and shareholder
of Washington is John Armour who was previously associated with another
company that made similar "low-ball" offers to PGG Wrightson shareholders in
2012.
There has been lobbying from market participants to put a stop to unsolicited
offers of this nature. Despite concerns about the ethics of these
opportunistic "low-ball" offers, regulation to date has stopped short of an
outright ban.
Should any shareholder receive an unsolicited offer, PGW recommends that
recipients check the current market price for PGW shares on NZX (i.e. at
www.nzx.com/companies/PGW ) and seek independent financial advice.
Shareholders are not obliged to respond to the unsolicited Washington offer
and are welcome to disregard these altogether.
For more information, shareholders are referred to the Financial Markets
Authority article "Low Ball Offers - Guidance for Investors". This guidance
can be found at
http://www.fma.govt.nz/keep-updated/newsroom/articles/low-ball-offers-guidanc
e-for-investors/. The guidance includes a link to a list of Authorised
Financial Advisers who shareholders can contact for further information or
advice.
If you would like confirmation as to whether any correspondence received is
an official PGW communication, or whether an offer to buy your shares has the
support of the PGW Board of Directors, please do not hesitate to contact with
us directly per the contact details set out below.
For further information please contact:
Julian Daly - General Counsel & Company Secretary
PGG Wrightson Limited
Email: [email protected]
Direct Dial: 03 372 0972
End CA:00238785 For:PGW Type:GENERAL Time:2013-07-19 10:35:12
