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

 

Whimp partnerships ordered to correct ‘low ball’ offers

18 March 2011

Securities Commission orders Whimp partnerships to correct ‘low ball’ offers

The Securities Commission has today made orders against limited partnerships associated with Mr Bernard Whimp. The orders follow misleading offers made by the limited partnerships to buy shares in a number of listed companies.

They require the limited partnerships, through their General Partner Mr Bernard Whimp, to send corrective statements to the shareholders to whom the offers were made.

The statements set out that the Securities Commission has ordered the partnerships to write to the shareholders because the original offer was misleading; that the offer appeared at first sight to be made at above the market value of the shares, but under the fine print the full payment would not be made for 10 years; and that the net present value of the offer is therefore much less than the nominal offer price.

The orders have been made in respect of the following offers, all dated on or around 15 - 18 March 2011:
• Carrington Securities LP - offer to buy shares in TrustPower Limited
• NZ Investment Securities LP - offer to buy shares in Vector Limited
• Chase Securities LP - offer to buy shares in Guinness Peat Group plc
• Carlyle Securities LP - offer to buy shares in Contact Energy Limited
• Energy Securities LP - offer to buy shares in DNZ Property Group Limited
• Fairfield Securities LP – offer to buy shares in Fletcher Building Limited

The Commission has also prohibited those limited partnerships, and other limited partnerships also associated with Mr Whimp, from making unsolicited offers to buy securities in a way that is the same or substantially the same as the March 2011 offers.

The other limited partnerships subject to the prohibition are as follows:
• Cargill Securities LP
• Fairfield Securities LP
• Pearson Securities LP
• Powershares LP.

Copies of the orders and of the corrective statement can be found on www.seccom.govt.nz. (Please note these will be available on the website shortly)

The Commission is also considering taking further action arising out of the misleading offers.

ENDS


© Scoop Media

 
 
 
Business Headlines | Sci-Tech Headlines

 

Maritime Union: Deepening Supply Chain Crisis Requires Action

Maritime Union of New Zealand National Secretary Craig Harrison says the global COVID-19 pandemic exposed pre-existing weaknesses in our logistics sector, and created enormous problems... More>>



Air New Zealand: Employees Recognised With $1,000 Share Award

The efforts Air New Zealand employees made during one of the airline’s toughest years will be recognised via an award of $1,000 worth of company shares to all permanent employees... More>>

Consumer NZ: Bank Complaints On The Rise, Survey Shows

Nearly one in five Kiwis had a problem with their bank in the past year, Consumer NZ’s latest satisfaction survey finds. Consumer NZ chief executive Jon Duffy said the number of bank customers reporting problems had jumped to 18%, up from 11% in 2020... More>>

Mercury: Enters Into Binding Agreements To Acquire Trustpower’s Retail Business

Mercury NZ Limited (Mercury) has announced that it has entered into binding agreements with Trustpower Limited (Trustpower, NZX:TPW) to acquire Trustpower’s retail business for NZ$441 million... More>>

ALSO:


ASB: New Zealanders Missing Out On Hundreds Of Millions In KiwiSaver Government Contributions

New Zealanders have just over a week to ensure they’re eligible for the maximum annual government KiwiSaver contribution... More>>


Stats NZ: GDP Climbs 1.6 Percent In March 2021 Quarter Following December Dip

Gross domestic product (GDP) rose by 1.6 percent in the March 2021 quarter, following a 1.0 percent fall in the December 2020 quarter, Stats NZ said today. "After an easing of economic activity in the December quarter, we’ve seen broad-based growth in the first quarter of 2021... More>>