by Susan Edmunds
Investors are still accepting “low-ball” unsolicited share offers that are well below what they could get by selling through a broker – but fewer of them are complaining about it, an FMA report says.
It says the companies making the offers have proactively engaged with the FMA, seeking clarification on the requirements of regulation and responding to issues. Zero Commission NZ and Washington Securities are the only two companies it knows are making these offers.
Investors with small holdings were more likely to accept the offers, it said, and in some cases the difference between the amount received and the market value was still substantial.
The FMA says it will continue to monitor unsolicited offers but it will be less of a focus than it was during 2013.
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