ANZ warns shareholders about unsolicited offers for shares (PDF 24kB)
ANZ today warned its shareholders about unsolicited offers for their ANZ shares after it became aware that Easy Share Sales Pty Ltd (ESS) has been approaching shareholders with an instalment offer to purchase their shares with annual payments made over 14 years.
In this particular instance the present value of the instalment amounts is considerably lower than the current market value of the shares.
The Australian Securities and Investments Commission (ASIC) advises shareholders to be aware of the pitfalls associated with unsolicited offers to purchase shares.
It has provided a ‘safety checklist’ to assist shareholders in assessing such offers that is available from www.fido.gov.au. Further details on dealing with unsolicited share purchase offers can also be obtained from ASIC by contacting 1300 300 630.
If shareholders receive an offer for their ANZ shares which involves payment of the purchase price by instalments over many years, they should:
read the offer document carefully;
compare the present value of the instalment payments offered against the current market price of ANZ shares;
consider whether there is a risk that promised instalment payments over a long period into the future might not be made; and
seek independent financial advice before making any decisions about selling their ANZ shares.
There is no compulsion for any shareholder to accept such an offer.
ANZ’s market share price is published in the business pages of major newspapers and is available from ANZ’s website (www.anz.com).