THE Australian Securities and Investments Commission has put a stop to unsolicited off-market offers by M&M Investments for Stockland securities.
The offers were made by Mardel Services Pty Ltd as trustee for M&M Investments Superannuation Fund between May 01 2007 and June 28 2007, which ASIC said were not made in compliance with the law.
A final stop order was issued by ASIC on July 05 2007 and followed an interim stop order issued on June 28 2007.
ASIC was concerned that the offers did not identify Mardel Services as the offeror, and did not disclose the market value of the stapled securities as at the date of the offer or the offer price per stapled security.
In addition, ASIC was concerned that important terms and information were presented in the offers in a manner that may have undermined their significance.
Following discussions with ASIC, Mardel Services indicated that it does not intend to make any further unsolicited offers.
ASIC also “encouraged” Mardel Services to write to offerees who accepted the offers, outlining ASIC’s concerns and giving them an opportunity to request the return of their securities.
Australian Property Journal
