Mr Whimp, and six of the Limited Partnerships made offers to purchase shares in a number of public companies in the form of “Deferred Payment” Offers which were said to be misleading and deceptive, in breach of s 13 of the Securities Markets Act 1988.
The High Court in Christchurch has today confirmed our view that the 'deferred payment' offers made by Mr Bernard Whimp and associated entities were misleading.
The FMA has today ordered Mr Bernard Whimp and associated persons to include a warning from FMA at the beginning of any unsolicited offer they may make. See media release.
The order requires any offer document containing an unsolicited offer by Mr Whimp, a number of limited partnerships associated with Mr Whimp, or any associated persons must contain, at the beginning of that offer document, a warning statement in the form attached to the order which was issued by FMA on 2 May 2011.
The limited partnerships associated with Mr Whimp are Carlyle Securities LP, Cargill Securities LP, Carrington Securities LP, Chase Securities LP, Energy Securities LP, Fairfield Securities LP, NZ Credit Securities LP, NZ Investment Securities LP, Lineside Partners LP, Pearson Securities LP and Powershares LP.
The Commission has formed the view that the offers made on 15 March 2011 are misleading or deceptive or likely to mislead or deceive.
They require the limited partnerships, through their General Partner Mr Bernard Whimp, to send corrective statements to the shareholders to whom the offers were made. See media release.
Shareholders in several listed companies have complained to the Securities Commission about offers made in March 2011 from limited partnerships associated with Mr Bernard Whimp. Shareholders are concerned that Mr Whimp's offers may be misleading.
Let us know what you think
Did you find this page useful?
We value your feedback. Let us know how we could improve our website.X