Video | Agriculture | Confidence | Economy | Energy | Employment | Finance | Media | Property | RBNZ | Science | SOEs | Tax | Technology | Telecoms | Tourism | Transport | Search

 


Low-ball offer for PFI despite government regulation

Low-ball offer for PFI despite government regulation

Jan. 30 (BusinessDesk) - Property For Industry Ltd is urging shareholders to ignore a low-ball offer from a company stalking its register.

The property investor said before Christmas that it had received a request for its share register from Zero Commission NZ.

Zero has now made an unsolicited offer to purchase the shares of PFI shareholders holding 2,000 shares or less for $1.12 per share.

The board does not support or endorse the offer, noting that PFI’s shares have traded between $1.20 and $1.23 in the last 30 days.

Last year the government put regulations in place to help rein in unsolicited share offers and protect shareholders.

It regarded the offers as a predatory tactic that damaged confidence in capital markets.

Lowball offers are unsolicited approaches to shareholders offering to buy their shares or other securities. Offer letters put pressure on people to sell their shares quickly, often with little information and using unconventional business practices.

The new regulations require greater disclosure and introduce stronger rights and remedies for shareholders.

The person making the offer has to state the market price or a fair estimate of the value of the shares and specifying a minimum offer period and a cancellation period.

(BusinessDesk)

© Scoop Media

 
 
 
 
 
Business Headlines | Sci-Tech Headlines

 

Fruitful Endeavours: Kiwifruit Exports Reach Record Levels

In June 2016, kiwifruit exports rose $105 million (47 percent) from June 2015 to reach $331 million, Statistics New Zealand said today. Overall, goods exports rose $109 million (2.6 percent) in June 2016 (to $4.3 billion). More>>

ALSO:

Economic Update: RBNZ Says Rate Cut Seems Likely

The Reserve Bank will likely cut interest rates further as a persistently strong kiwi dollar makes it difficult for the bank to meet its inflation target, it said. The local currency fell. More>>

ALSO:

House Price Action Plan: RBNZ Signals National Lending Restrictions

The central bank wants to cap bank lending to property investors with a deposit of less than 40 percent at 5 percent and restore the 10 percent limit for owner-occupiers wanting to take out a mortgage with a deposit of less than 20 percent, according to a consultation paper released today. More>>

ALSO:

Sparks Fly: Gordon Campbell On China Steel Dumping Allegations

No doubt, officials on the China desk at MFAT have prided themselves on fashioning a niche position for New Zealand right in between the US and China – and leveraging off both of them! Well, as the Aussies would say, of MFAT: tell ‘em they’re dreaming. More>>

ALSO:

Loan Sharks: Finance Companies Found Guilty Of Breaching Fair Trading Act

Finance companies Budget Loans and Evolution Finance, run by former 1980s corporate high-flyer Allan Hawkins, have been found guilty of 106 charges of breaching the Fair Trading Act for misleading 21 borrowers while enforcing loan contracts. More>>

ALSO:

Post Panama Papers: Govt To Adopt Shewan's Foreign Trust Recommendations

The government will adopt all of the recommendations from former PwC chairman John Shewan to increase disclosure and introduce a register for foreign trusts with new legislation to be introduced next month. More>>

ALSO:

Get More From Scoop

 
 
 
 
 
 
 
 
 
Business
Search Scoop  
 
 
Powered by Vodafone
NZ independent news