16 Aug 2011

FMA issues further orders to Share Buyers

6:51 am on 16 August 2011

The Financial Markets Authority has ordered the company, Share Buyers, to print a warning on any unsolicited offer it sends out to buy shares

The FMA has previously warned that Share Buyers was one of two companies which requested the share registers of 23 companies with a view to making offers to buy shares from shareholders.

Chief executive Sean Hughes says the printed warning required on unsolicited offers by Share Buyers is intended to help investors find out the true value of their shares.

Mr Hughes says the warning also advises investors to read through the offer carefully and to seek advice.

The Companies Office shows Share Buyers is registered to a Wellington address, but sole director Ting Wei is based in Perth.

The FMA previously made a similar order against another share buyer, Bernard Whimp, who was found to have misled investors.