By GARETH VAUGHAN
A bizarre offer made to New Zealand's Axa Asia Pacific Holdings shareholders by a company fronted by a notorious Australian share trader yesterday had not won a single New Zealand acceptance as today's deadline loomed.
The offer, from David Tweed's National Exchange Proprietary, was mailed to shareholders on both sides of the Tasman. It offers to buy their shares for $5.10 each paying by cheque in 15 annual instalments.
The offer does not specify whether it is in Australian or New Zealand dollars. On the NZX, Axa Asia Pacific shares were flat yesterday at $4.28. The offer closes at 5pm tonight.
Mike Smith, chief executive of Computershare, which holds Axa Asia Pacific's share register, said no local shareholders had accepted.
Axa Asia Pacific, formerly National Mutual Holdings, recently warned shareholders to treat the offer with "extreme caution" describing it as"ridiculous" given the time, value of money, lack of any security and adverse tax implications.
The Australian Government made two law changes last year to stop Tweed exploiting inexperienced shareholders.
Bizarre share offer falls on deaf ears
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