Hellaby Holdings shareholders have been targeted by Zero Commission NZ Ltd, with an offer to buy their shares at below market value.
Hellaby has moved promptly to remind shareholders that they are under no obligation to sell, particularly at$2.70 a share, which is 23 cents below current NZX valuation.
A banking industry source told DIESELtalk that while low ball offers of this type have been around for years, they nonetheless represent a thorn in the side of the companies targeted, and for the unsophisticated ‘ma and pa’ investors.
“There has been a lot of coverage in the business commentary and press recently, in relation to low ball offers – who has been making them and the new legislation and rules and advice put in place by the various legislative and regulatory bodies – as to how these can be made and the responsibilities of the target companies to try to protect unsophisticated investors against such offers,” says Neil MacCulloch, COO of Hellaby Holdings.
Hellaby Holdings has significant investments in the automotive and equipment industries, including AB Equipment, Eurolift and BNT.
