Tourism Holdings is warning shareholders about an offer to buy their shares for below market value.
THLF says Zero Commission has written to shareholders holding fewer than 3000 shares, offering to buy their shares for 54 cents each.
The company's shares last traded at 60 cents.
Tourism Holdings says it does not endorse the offer, and recommends that shareholders seek independent financial or legal advice if they're contemplating selling shares.
It also warns shareholders that accept the offer are likely to be an unsecured creditor of Zero Commission before they are paid in full for shares they sell.