Forum Archive Index - May 2003

["Allan Potts" <ajp7079@excite.com>]

Dear Snoopy,

We don't have protection against these ripoffs here either, but I've seen them 
and they make my blood boil.  The problem, as you know is not with the market 
savvy investor, but with widows and orphans or the inexperienced who might be 
scared into thinking someone knows something and they better get out now, 
before it's too late.

My suggestion would be to have legislation that would require these unsolicited 
offers to contain three items of disclosure.

1.  The price being offered for your shares is X%, (say 30%) below yesterdays 
closing price and X%, (say 32%) below the current market price.

2.  The average market closing  price for these shares is $__.__ for the past 
10 trading days which is X% below what we are offering to buy them at.

3.  Since the offering price of this solicitation is at a significant discount 
from current and recent market value you are advised to seek advice from your 
attorney or investment professional, before accepting this offer.

If, after these required disclosures the mark, still took the bait, well there 
are some people who just will not wake up.  These disclosures, however, would I 
think, protect all those who have not had a lobotomy.

Allan  




 --- On Wed 04/30, tennyson@caverock.net.nz  tennyson@caverock.net.nz  wrote:
From: tennyson@caverock.net.nz [mailto: tennyson@caverock.net.nz]
To: sharechat@sharechat.co.nz
Date: Thu, 01 May 2003 12:27:26 +1200
Subject: [sharechat] Unsolicited Share Scam Offers

As an (albeit still very small) shareholder in 'Onesteel', I was very 
<br>annoyed at management time being put into fending off an unsolicited 
<br>share offer quote:<br><br>"at prices reported to be substantially less than 
prevailing market prices"<br><br>I notice that the Australian government is 
putting meaures in place to <br>stop predators preying on unsophisticated 
shareholders in this 
way.<br><br>http://parlsec.treasurer.gov.au/parlsec/content/pressreleases/2003/016.<br>asp<br><br>I
 quote:<br>"Under the new regulations, he will no longer be able to simply 
offer to <br>buy someone's shares at a certain price without stating the market 
value <br>of those shares on the day the offer was made."<br><br>However, in 
New Zealand there exist similar predators, and I am <br>thinking specifically 
of Ross Investments,  who seem to think it is <br>acceptable to carry out 
similar scams on the unsophisticated investing <br>public.  Anyone else annoyed 
about this practice?    What do y
 ou <br>suggest we can do about it?<br><br>SNOOPY<br><br><br><br>--<br>Message 
sent by Snoopy <br>on Pegasus Mail version 
4.02<br>----------------------------------<br>"You can tell me I'm wrong twice, 
<br>but that still only makes me wrong 
once."<br><br><br>----------------------------------------------------------------------------<br>To
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