IOOF warns shareholders of unsolicited offer
IOOF Holdings (IOOF) has issued a warning to its shareholders regarding an unsolicited offer from a third party wishing to purchase the group’s shares at less than half the market price.
In a statement to the Australian Securities Exchange, IOOF said a company by the name of Share Buying Group, which has no association with IOOF, had made yet another round of unsolicited offers to the group’s shareholders.
The Share Buying Group made its first unsolicited offer to IOOF shareholders in late July this year. The group has now made a fresh offer dated September 1, 2008, according to IOOF.
“The market value of an [IOOF] share on September 1 was $5.43. The value of the Share Buying Group offer was $2.51 a share. Again, IOOF considers the offer to be entirely opportunistic and uncommercial,” a statement from IOOF said.
IOOF said the offer has been made without the support of IOOF or its share registry, Link Market Services.
In mid-July IOOF was obliged to comply with a request from the Share Buying Group for a copy of its share register in accordance with the Corporations Act.
Shareholders have been urged to seek independent financial advice before making any decisions about their shares.
Recommended for you
The financial advice sector has benefited from a net rise of 11 advisers this week, according to Wealth Data, while AMP Group reports losses as several advisers open their own licensees.
Praemium has updated on the progress of its integration with platform OneVue, which it acquired from Iress earlier this year.
ASIC leadership has waded into the political debate about Qantas flight upgrades, confirming its executives hold membership of the Chairman’s Lounge but denying it affects their regulatory ability.
Perth advisory firm Capital Partners Private Wealth Advisers has announced a new managing director to take over from David Andrew as he steps down after 25 years.