IAG, Adelaide Bank shareholders targeted by unsolicited share offers 16 Oct 2007, SMH - Insurance Australia Group Ltd (IAG) and Adelaide Bank Ltd (ADB) confirmed on Tuesday that some of their shareholders had received unsolicited offers for their shares. Such offers were made infamous by share market opportunist David Tweed, who was involved in a number of below-market offers to shareholders of companies such as IAG, AXA, AMP and Rinker.

On 28 August 2007, Share Buying Group offered $2.67 for each IAG share, which were trading on the exchange at $5.24 at the time.

On 16 October 2007, Hassle Free Share Sales Pty Ltd is offering $7.79 per share, against a market price of $15.08.

ASIC confirmed that Share Buying Group and Hassle Free Share Sales are separate companies trading under separate Australian business numbers.

ASIC said the director of Hassle Free Shares Sales is a woman by the name of Suzanne Lee Forster, who was also a director of Share Buyback Group Ltd.

The director of Share Buying Group is a man called Patrick Dromi, ASIC said.

Before ASIC stopped it, Share Buyback Group had already made unsolicited offers for shares in merger and takeover aspirants Bendigo Bank, The Rock Building Society, Mackay Permanent Building Society and Wide Bay Australia.

IAG and Adelaide Bank have written to shareholders, warning them of the advances.

Source:  IAG, Adelaide Bank shareholders targeted