Tweed targeting AMP shareholders
February 23, 2006 - 12:44PM
Market opportunist David Tweed is now targeting AMP shareholders, using his technique of offering to buy shares at well below market value.
AMP has warned its shareholders to be aware of any approach by Mr Tweed's companies, in particular Direct Share Purchasing Corporation Pty Ltd (DSPC).
AMP shareholders have already been approached by another of his companies, National Exchange Proprietary Ltd.
In the latest attempt, DSPC is offering $5.00 per share for AMP shares, a significant discount to the recent trading range of AMP.
AMP chief executive Andrew Mohl said shareholders should be very cautious of any offers from any of Mr Tweed's companies.
"It would be of great concern to me if any AMP shareholder accepted an offer to sell their shares for less than their market value," Mr Mohl said.
"We strongly urge shareholders not to accept this offer as it is significantly below the market value of their shares."
Mr Tweed's companies have targeted AMP shareholders before.
Mr Tweed has made his name trawling through the share registers of major companies such as Insurance Australia Group, retirement living group Aevum and gaming operation Tattersall's, offering shareholders below market prices for their shares, sometimes with payments in small instalments made over decades.
Most recently he has been involved in a long-running dispute with boutique investment firm Clime Capital.
Earlier this month, he requested a extraordinary meeting of Clime - the fifth he has requested in less than a year - as he attempts to frustrate Clime into buying his 19.9 per cent stake in the company.
At 11.46am (AEDT) on Thursday, AMP was trading $8.46, up 15 cents.