Property For Industry Ltd is urging shareholders to ignore a low-ball offer from a company stalking its register.
The property investor said before Christmas that it had received a request for its share register from Zero Commission NZ.
Zero has now made an unsolicited offer to purchase the shares of PFI shareholders holding 2,000 shares or less for $1.12 per share.
The board does not support or endorse the offer, noting that PFI's shares have traded between $1.20 and $1.23 in the last 30 days.
Last year the government put regulations in place to help rein in unsolicited share offers and protect shareholders.