Bernard Whimp – another suck of the saveloy. No shame?

3 Comments »

• Peter Aranyi says:

  18 March 2011 at 1:58 pm

  Vector chair appalled at latest Whimp trickery

  Auckland lines company Vector says it is appalled investors are the target of another predatory offer to sell their shares for much less than they are worth.

  NZ Investment Securities LP, a company linked to Bernard Whimp, is offering investors above-market prices for their shares, which will be paid off over 10 years.

  All future dividends are foregone from the time the offer is accepted, Vector said.

  Vector chairman Michael Stiassny described the offer as “blatant trickery” which was targeting investors who may not read the fine print about the payment period or understand they would be handing over their dividends to NZ Investment Securities LP. …

  http://www.nzherald.co.nz/personal-finance/news/article.cfm?c_id=12&objectid=10713073

  • Peter Aranyi says:

    19 March 2011 at 12:50 pm

    A sign of progress? What does it take to get action on this sort of (ahem) potentially misleading business practice?

    The Securities Commission yesterday made orders against limited partnerships associated with Whimp, requiring them to send corrective statements to the shareholders they had written to, pointing out the offers were misleading.

    The corrective statement directs shareholders to the fine print of the offer and says the net present value of the offer is less than the nominal market price.

    “This means that the offer is not only worth less than may appear at first sight but is worth less than the amount of money you would get if you sold the shares now through a sharebroker at their current trading price,” the commission said.

    http://www.nzherald.co.nz/business/news/article.cfm?c_id=3&objectid=10713423

• Bernard Whimp get his name in lights … sort of @ The Paepae says:

  6 May 2011 at 6:02 pm

  […] may recall my posts ‘Low-ball share buyer Bernard Whimp in action‘ and ‘Bernard Whimp – another suck of the saveloy. No shame?‘ which catalog this unimpressive Christchurch businessman’s questionable, um, […]