ASIC steps in
The Australian Securities and Investments Commission (ASIC) has stepped in to halt an unsolicited off-market offer to purchase stapled Centro Properties Group securities.
The stop order was issued on September 5 after Helen Rose of Torchwood Holdings made 3,500 offers to purchase the securities in Centro Properties and the Centro Properties Trust on August 15.
The market value of the securities at the time was $7.51 each, while Torchwood’s offer price was $6.51 per security.
ASIC’s concern was that the offers did not include a statement that Torchwood could withdraw its offer a month later.
Centro had alerted ASIC to the defective offers and worked pro-actively to assist security-holders who accepted an offer.
This case follows earlier action by ASIC to stop defective unsolicited share offers made by Share Buyback Group and Mardel Services as the trustee for M&M Investments Superannuation Fund.
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