Share document banned

The Securities Commission has banned a document offering shares in Mount Maunganui-based Inertialess Drive ZPE (2010) Ltd, warning that the share offer is illegal because no prospectus had been registered, and there was no investment statement.

The commission understood that offer documents were sent to people who responded to advertisements by the company in the Bay of Plenty Times in December.

Inertialess Drive's sole director and shareholder is Ken Pedlar.

The commission had in 1998 banned advertising for shares by Inertialess Drive Technologies (1995) Ltd (now liquidated) because there was no registered prospectus.

In 2000 the commission also banned advertising for shares in Inertialess Drive Corporation Ltd for the same reason.