NZ Herald
  • Home
  • Latest news
  • Herald NOW
  • Video
  • New Zealand
  • Sport
  • All Blacks
  • Business
  • Entertainment
  • Podcasts
  • Quizzes
  • Opinion
  • Lifestyle
  • Travel
  • Viva
  • Weather

Subscriptions

  • Herald Premium
  • Viva Premium
  • The Listener
  • BusinessDesk

Sections

  • Latest news
  • New Zealand
    • All New Zealand
    • Crime
    • Politics
    • Education
    • Open Justice
    • Scam Update
  • Herald NOW
  • On The Up
  • World
    • All World
    • Australia
    • Asia
    • UK
    • United States
    • Middle East
    • Europe
    • Pacific
  • Business
    • All Business
    • MarketsSharesCurrencyCommoditiesStock TakesCrypto
    • Markets with Madison
    • Media Insider
    • Business analysis
    • Personal financeKiwiSaverInterest ratesTaxInvestment
    • EconomyInflationGDPOfficial cash rateEmployment
    • Small business
    • Business reportsMood of the BoardroomProject AucklandSustainable business and financeCapital markets reportAgribusiness reportInfrastructure reportDynamic business
    • Deloitte Top 200 Awards
    • Deloitte Fast 50
    • CompaniesAged CareAgribusinessAirlinesBanking and financeConstructionEnergyFreight and logisticsHealthcareManufacturingMedia and MarketingRetailTelecommunicationsTourism
  • Opinion
    • All Opinion
    • Analysis
    • Editorials
    • Business analysis
    • Premium opinion
    • Letters to the editor
  • Politics
  • Sport
    • All Sport
    • OlympicsParalympics
    • RugbySuper RugbyNPCAll BlacksBlack FernsRugby sevensSchool rugby
    • CricketBlack CapsWhite Ferns
    • Racing
    • NetballSilver Ferns
    • LeagueWarriorsNRL
    • FootballWellington PhoenixAuckland FCAll WhitesFootball FernsEnglish Premier League
    • GolfNZ Open
    • MotorsportFormula 1
    • Boxing
    • UFC
    • BasketballNBABreakersTall BlacksTall Ferns
    • Tennis
    • Cycling
    • Athletics
    • SailingAmerica's CupSailGP
    • Rowing
  • Lifestyle
    • All Lifestyle
    • Viva - Food, fashion & beauty
    • Society Insider
    • Royals
    • Sex & relationships
    • Food & drinkRecipesRecipe collectionsRestaurant reviewsRestaurant bookings
    • Health & wellbeing
    • Fashion & beauty
    • Pets & animals
    • The Selection - Shop the trendsShop fashionShop beautyShop entertainmentShop giftsShop home & living
    • Milford's Investing Place
  • Entertainment
    • All Entertainment
    • TV
    • MoviesMovie reviews
    • MusicMusic reviews
    • BooksBook reviews
    • Culture
    • ReviewsBook reviewsMovie reviewsMusic reviewsRestaurant reviews
  • Travel
    • All Travel
    • News
    • New ZealandNorthlandAucklandWellingtonCanterburyOtago / QueenstownNelson-TasmanBest NZ beaches
    • International travelAustraliaPacific IslandsEuropeUKUSAAfricaAsia
    • Rail holidays
    • Cruise holidays
    • Ski holidays
    • Luxury travel
    • Adventure travel
  • Kāhu Māori news
  • Environment
    • All Environment
    • Our Green Future
  • Talanoa Pacific news
  • Property
    • All Property
    • Property Insider
    • Interest rates tracker
    • Residential property listings
    • Commercial property listings
  • Health
  • Technology
    • All Technology
    • AI
    • Social media
  • Rural
    • All Rural
    • Dairy farming
    • Sheep & beef farming
    • Horticulture
    • Animal health
    • Rural business
    • Rural life
    • Rural technology
    • Opinion
    • Audio & podcasts
  • Weather forecasts
    • All Weather forecasts
    • Kaitaia
    • Whangārei
    • Dargaville
    • Auckland
    • Thames
    • Tauranga
    • Hamilton
    • Whakatāne
    • Rotorua
    • Tokoroa
    • Te Kuiti
    • Taumaranui
    • Taupō
    • Gisborne
    • New Plymouth
    • Napier
    • Hastings
    • Dannevirke
    • Whanganui
    • Palmerston North
    • Levin
    • Paraparaumu
    • Masterton
    • Wellington
    • Motueka
    • Nelson
    • Blenheim
    • Westport
    • Reefton
    • Kaikōura
    • Greymouth
    • Hokitika
    • Christchurch
    • Ashburton
    • Timaru
    • Wānaka
    • Oamaru
    • Queenstown
    • Dunedin
    • Gore
    • Invercargill
  • Meet the journalists
  • Promotions & competitions
  • OneRoof property listings
  • Driven car news

Puzzles & Quizzes

  • Puzzles
    • All Puzzles
    • Sudoku
    • Code Cracker
    • Crosswords
    • Cryptic crossword
    • Wordsearch
  • Quizzes
    • All Quizzes
    • Morning quiz
    • Afternoon quiz
    • Sports quiz

Regions

  • Northland
    • All Northland
    • Far North
    • Kaitaia
    • Kerikeri
    • Kaikohe
    • Bay of Islands
    • Whangarei
    • Dargaville
    • Kaipara
    • Mangawhai
  • Auckland
  • Waikato
    • All Waikato
    • Hamilton
    • Coromandel & Hauraki
    • Matamata & Piako
    • Cambridge
    • Te Awamutu
    • Tokoroa & South Waikato
    • Taupō & Tūrangi
  • Bay of Plenty
    • All Bay of Plenty
    • Katikati
    • Tauranga
    • Mount Maunganui
    • Pāpāmoa
    • Te Puke
    • Whakatāne
  • Rotorua
  • Hawke's Bay
    • All Hawke's Bay
    • Napier
    • Hastings
    • Havelock North
    • Central Hawke's Bay
    • Wairoa
  • Taranaki
    • All Taranaki
    • Stratford
    • New Plymouth
    • Hāwera
  • Manawatū - Whanganui
    • All Manawatū - Whanganui
    • Whanganui
    • Palmerston North
    • Manawatū
    • Tararua
    • Horowhenua
  • Wellington
    • All Wellington
    • Kapiti
    • Wairarapa
    • Upper Hutt
    • Lower Hutt
  • Nelson & Tasman
    • All Nelson & Tasman
    • Motueka
    • Nelson
    • Tasman
  • Marlborough
  • West Coast
  • Canterbury
    • All Canterbury
    • Kaikōura
    • Christchurch
    • Ashburton
    • Timaru
  • Otago
    • All Otago
    • Oamaru
    • Dunedin
    • Balclutha
    • Alexandra
    • Queenstown
    • Wanaka
  • Southland
    • All Southland
    • Invercargill
    • Gore
    • Stewart Island
  • Gisborne

Media

  • Video
    • All Video
    • NZ news video
    • Herald NOW
    • Business news video
    • Politics news video
    • Sport video
    • World news video
    • Lifestyle video
    • Entertainment video
    • Travel video
    • Markets with Madison
    • Kea Kids news
  • Podcasts
    • All Podcasts
    • The Front Page
    • On the Tiles
    • Ask me Anything
    • The Little Things
  • Cartoons
  • Photo galleries
  • Today's Paper - E-editions
  • Photo sales
  • Classifieds

NZME Network

  • Advertise with NZME
  • OneRoof
  • Driven Car Guide
  • BusinessDesk
  • Newstalk ZB
  • Sunlive
  • ZM
  • The Hits
  • Coast
  • Radio Hauraki
  • The Alternative Commentary Collective
  • Gold
  • Flava
  • iHeart Radio
  • Hokonui
  • Radio Wanaka
  • iHeartCountry New Zealand
  • Restaurant Hub
  • NZME Events

SubscribeSign In

Advertisement
Advertise with NZME.
Home / Business / Personal Finance

Low-ball Vector share victims get second chance

Herald online
9 Feb, 2011 10:00 PM3 mins to read

Subscribe to listen

Access to Herald Premium articles require a Premium subscription. Subscribe now to listen.
Already a subscriber?  

Listening to articles is free for open-access content—explore other articles or learn more about text-to-speech.
‌
Save
    Share this article
Vector chairman Michael Stiassny. Photo / Paul Estcourt

Vector chairman Michael Stiassny. Photo / Paul Estcourt

Vector shareholders who sold into a 'low-ball' share offer sent out over the summer holiday break have been told they can back out of the deal on a technicality.

Company chairman Michael Stiassny said this morning that more than 170 shareholders now have the opportunity to review their decision to
sell their shares due to incorrect or incomplete information submitted on the share transfer forms.

Stiassny has contacted the affected shareholders - more than half of the number that accepted the offer - advising that without the required information, including a correct shareholder number and authorisation, Vector and the Computershare registry had not been able to confirm that the shares should be transferred.

Stiassny said that the company 'valued its shareholders' and cautioned against accepting any unsolicited share offer without first seeking professional advice

Controversial share buyer Bernard Whimp made close to $300,000 through the offer made to Vector shareholders by his limited partnership Energy Securities.

Companies associated with Whimp, a former Christchurch property developer who is now registered to a Sydney address, sent letters to shareholders in seven large listed companies between Christmas and New Year.

Vector, Telecom, Fletcher Building and TrustPower investors were among those targeted with offers to purchase shares at a discount of up to 43 per cent on the market price.

Vector said 373,209 shares, or 0.15 per cent of their shares that are available for trading, had been sold to Whimp's company.

Energy Securities had offered $1.56 per share - 34 per cent less than the $2.36 they were trading at on the market on December 29. The difference in the offer price and the listed price could have netted Energy Securities $298,567.

Stiassny said last month he was concerned shareholders had unwittingly sold their shares at a rate below market value.

"These shareholders did not receive a fair price for their shares and that absolutely galls me," he said.

While it was up to individuals to make their own investment decisions Stiassny said the board was concerned at the style in which the share offer was made.

The Securities Commission has previously said unsolicited offers to buy shares below market value are not illegal, but it is against the law to mislead or deceive investors into accepting an offer.

Whimp, who has previously used limited partnerships to get around a four-year ban on holding directorships that ended in October, is able to get hold of shareholders' details through a public register.

It's not the first time Whimp has made money from his offers.

In August, he made offers for four million DNZ Property Fund shares, and bought 2.2 million at 60c each.

Shares in DNZ have since traded at between 99c and $1.25, so Whimp would have made at least $858,000.

He has also been linked to below-par offers to investors in South Canterbury Finance and Strategic Finance.

- HERALD ONLINE

Discover more

Personal Finance

Campaign to buy NZ stocks at low-ball prices

29 Dec 01:16 AM
Shares

Predatory offer targets investors

29 Dec 04:30 PM
Economy

Low share offer spark for review

30 Dec 04:30 PM
Companies

Investors warned to be wary of Whimp

05 Jan 04:30 PM
Advertisement
Advertise with NZME.
Advertisement
Advertise with NZME.
Save
    Share this article

Latest from Personal Finance

Business

Divorce can be expensive - here's how to keep the costs down

Premium
OpinionNadine Higgins

Nadine Higgins: The cost of buying back time – are pre-cut veges really worth it?

Premium
Opinion

How to preserve family wealth: Nick Stewart


Sponsored

Solar bat monitors uncover secrets of Auckland’s night sky

Advertisement
Advertise with NZME.

Recommended for you

‘We hit rock bottom’: How unhealthy relationship with food started a global brand
Business

‘We hit rock bottom’: How unhealthy relationship with food started a global brand

Has the rental market flatlined? Median rental prices down, 'affordability ceiling' curbing rises
Business

Has the rental market flatlined? Median rental prices down, 'affordability ceiling' curbing rises

Mass murderer denied parole for 16th time, reveals motive for killing his kids
Wellington

Mass murderer denied parole for 16th time, reveals motive for killing his kids

Govt tells Sport NZ to ditch transgender guidelines as NZ First threatens funding cut
Politics

Govt tells Sport NZ to ditch transgender guidelines as NZ First threatens funding cut

How Sky's $1 acquisition of Three could reshape NZ television
New Zealand

How Sky's $1 acquisition of Three could reshape NZ television

Irishman comes via Australia to partner Kiwi in bid for history
Racing

Irishman comes via Australia to partner Kiwi in bid for history



Latest from Personal Finance

Divorce can be expensive - here's how to keep the costs down
Business

Divorce can be expensive - here's how to keep the costs down

Getting into a legal battle with your ex is only going to eat away at your money.

20 Jul 07:00 PM
Premium
Premium
Nadine Higgins: The cost of buying back time – are pre-cut veges really worth it?
Nadine Higgins
OpinionNadine Higgins

Nadine Higgins: The cost of buying back time – are pre-cut veges really worth it?

19 Jul 09:00 PM
Premium
Premium
How to preserve family wealth: Nick Stewart
Opinion

How to preserve family wealth: Nick Stewart

18 Jul 06:00 PM


Solar bat monitors uncover secrets of Auckland’s night sky
Sponsored

Solar bat monitors uncover secrets of Auckland’s night sky

06 Jul 09:47 PM

NZ Herald
  • About NZ Herald
  • Meet the journalists
  • Newsletters
  • Classifieds
  • Help & support
  • Contact us
  • House rules
  • Privacy Policy
  • Terms of use
  • Competition terms & conditions
  • Our use of AI
Subscriber Services
  • NZ Herald e-editions
  • Daily puzzles & quizzes
  • Manage your digital subscription
  • Manage your print subscription
  • Subscribe to the NZ Herald newspaper
  • Subscribe to Herald Premium
  • Gift a subscription
  • Subscriber FAQs
  • Subscription terms & conditions
  • Promotions and subscriber benefits
NZME Network
  • The New Zealand Herald
  • The Northland Age
  • The Northern Advocate
  • Waikato Herald
  • Bay of Plenty Times
  • Rotorua Daily Post
  • Hawke's Bay Today
  • Whanganui Chronicle
  • Viva
  • NZ Listener
  • Newstalk ZB
  • BusinessDesk
  • OneRoof
  • Driven Car Guide
  • iHeart Radio
  • Restaurant Hub
NZME
  • About NZME
  • NZME careers
  • Advertise with NZME
  • Digital self-service advertising
  • Book your classified ad
  • Photo sales
  • NZME Events
  • © Copyright 2025 NZME Publishing Limited
TOP
search by queryly Advanced Search