fmg alert on unsolicited offer

FMG alert on unsolicited offer
23-July-08 by Rebecca Lawson


Latest News




View all of today's news on our homepage
Fortescue Metals Group Ltd has alerted shareholders of an unsolicited offer to acquire shares from Hassle Free Share Sales Pty Ltd, a fortnight after the same company approached Woodside Petroleum Ltd.

In a market announcement, FMG said it had been made aware of shareholders receiving a letter from Hassle Free, offering to buy FMG shares at a 55 per cent discount to its share price.

"Fortescue considers the offer to be entirely opportunistic and uncommercial. It has been done without the support of Fortescue or its share registry office Computershare," FMG said.

"Fortescue understands the offer to be pitched at a price well under the current market price representing a discount of around 55% on the prevailing price of around $8.90."

Earlier this month, Woodside released a similar alert regarding a request from Hassle Free for the company's list of shareholders.

Woodside said Hassle Free had contacted other Australian listed companies with unsolicited offers to purchase shares at below market price.



Below is the statement from FMG:



Fortescue Metals Group Ltd ("Fortescue") has been made aware of shareholders receiving a letter from Hassle Free Share Sales Pty Ltd with an unsolicited offer to acquire their shares.

The Australian Securities and Investments Commission has previously advised shareholders to be alert to some of the pitfalls of unsolicited and unexpected offers for their shares (refer www.fido.gov.au).

Fortescue considers the offer to be entirely opportunistic and uncommercial.

It has been done without the support of Fortescue or its share registry office Computershare.

Fortescue understands the offer to be pitched at a price well under the current market price representing a discount of around 55% on the prevailing price of around $8.90. The market value of Fortescue shares is available from the
company's website (www.fmgl.com.au) or from the Australian Securities Exchange (www.asx.com.au code: FMG).

Fortescue would urge all recipients of this unsolicited offer to read the documentation carefully and seek independent financial advice before making any decisions about their shares. If required, the ASX website providesdetails on how to find a broker.