KEY POINTS:
An Australian man, renowned for making below-market price offers on selected shares, has returned his attention to AMP New Zealand.
David Tweed is a director of Colonial Capital Corporation, which is making unsolicited offers to some AMP shareholders of $15 a share, payable in 15 annual instalments of $1. That equated to $8.37, significantly lower than AMP's closing share price of $12.21, AMP said.
Tweed has been criticised for taking advantage of people who are often not familiar with the sharemarket. It is not illegal to make low share offers, but in November last year, the Australian Securities and Investment Commission (ASIC) took action to ban Tweed, a former sharebroker, from providing financial services.