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

 

Statistics: Net Annual Migration Passes 71,000

A record 71,300 more migrants arrived in New Zealand than left in the January 2017 year, Statistics New Zealand said today. This surpassed the previous annual record set in December 2016. More>>

ALSO:

Fossils: Ancient Penguins Lived Alongside Dinosaurs?

Penguins are much older than previously thought and their evolution probably dates back to the days of the dinosaurs, according to research on the fossilised leg bone and toes of a giant ancient penguin found in rocks near Waipara, North Canterbury. More>>

No Voda/Sky: Commission Declines Clearance For Merger

The Commerce Commission has declined to grant clearance for the proposed merger of Sky Network Television and Vodafone New Zealand. More>>

ALSO:

EARLIER:

Power: IEA Report On New Zealand's Energy System

Outside of its largely low-carbon power sector, managing the economy’s energy intensity and greenhouse gas emissions while still remaining competitive and growing remains a challenge. More>>

ALSO:

NASA: Seven Earth-Size Planets Around A Single Star

NASA's Spitzer Space Telescope has revealed the first known system of seven Earth-size planets around a single star. Three of these planets are firmly located in the habitable zone, the area around the parent star where a rocky planet is most likely to have liquid water. More>>

ALSO:

Auckland Transport Case: Men Guilty Of Corruption And Bribery Will Spend Time In Jail

Two men who were found guilty of corruption and bribery in a Serious Fraud Office (SFO) trial have been sentenced in the Auckland High Court today... The pair are guilty of corruption and bribery offences relating to more than $1 million of bribes which took place between 2005 and 2013 at Rodney District Council and Auckland Transport. More>>

ALSO:

Get More From Scoop

 
 
 
 
 
 
 
 
Business
Search Scoop  
 
 
Powered by Vodafone
NZ independent news