26 Mar 2011

Securities Commission denies being too slow to act

5:44 am on 26 March 2011

The departing head of the Securities Commission denies suggestions the agency has been too slow in tackling 'low ball' share offers.

The commission on Thursday obtained an interim injunction stopping partnerships controlled by Christchurch businessman Bernard Whimp from executing a questionable share offer.

The action followed previous share offers by Mr Whimp last year, some of which were successful.

Commission chairman Jane Diplock says it has been hugely frustrating, but the commission has not been able to take legal action against Mr Whimp until now.

Milford Asset Management executive director Brian Gaynor says the commission should have tested its powers earlier.