Note: Where available, the PDF/Word icon below is provided to view the complete and fully formatted document
National Exchange "bottom-feeder" warning.



Download PDFDownload PDF

NO.028

NATIONAL EXCHANGE "BOTTOM-FEEDER" WARNING

The Parliamentary Secretary to the Treasurer, Senator Ian Campbell, today urged shareholders to be wary about a fresh batch of letters of offer from Melbourne share dealer David Tweed's company, National Exchange.

"I strongly urge anyone who receives an offer in the mail from National Exchange to establish the true value of the shares being sought before they take any action," he said.

"If they are in any doubt about the current market price they should get advice from some independent source, such as a stockbroker or licensed financial adviser."

Senator Campbell said he was concerned to hear today that the fresh batch of letters from National Exchange did not disclose the market price of the shares being sought.

"It appears Mr Tweed is circumventing the spirit of a disclosure requirement introduced only last month." he said.

"As soon as I was made aware of these letters this afternoon, I raised the matter with the regulator, the Australian Securities and Investments Commission, and was assured that urgent steps are underway to resolve it quickly.

"The Government will continue to take whatever extra steps are necessary to ensure that shareholders are afforded the protection of full disclosure of market prices of their shares."

PERTH

5 May 2003

Contact: Wayne Grant 08 9421 1755 or 0407 845280

© Commonwealth of Australia 2000