Bernard Whimp and associated limited partnerships

FMA statement on the court judgment. Related media release: Statement on Whimp Decision.

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.

Download High court decision PDF.

Warning Disclosure Order

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. Related media release: FMA Orders Whimp to Disclose Warning.

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 High Court, on application from the Securities Commission, has today granted interim injunctions to stop shares being transferred to limited partnerships associated with Mr Bernard Whimp. Related media release: Whimp Partnerships Injuncted at Securities Commission's Request.

Download Interlocutory Order for Share Dealings PDF.

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. Related media release: Securities Commission Orders Whimp Partnerships to Correct 'Low Ball' Offers.

See Corrective order.

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.