18 Mar 2011

Whimp to be prohibited from making low share offers

10:20 pm on 18 March 2011

The Securities Commission is banning Christchurch man Bernard Whimp from making unsolicited undervalue share offers, saying they are misleading.

He caused widespread upset last year when he offered to buy shares for just one third of their value, in some cases.

His latest offers are for more than market value, but for payment by instalments over 10 years, meaning investors will miss out on dividends over that period.

The commission says the offers were misleading and is issuing prohibition orders against Mr Whimp under the Securities Market Act, banning him from making similar offers.