ScamSmart Australia

Unsolicited Share Offer: Hassle Free Share Sales Pty Ltd to St George Bank Shareholders (14 July 2008)

Warning: St. George Bank shareholders have been asked to sell their shares at a 50% discount to Hassle Free Share Sales Pty Ltd.

Hassle Free Share Sales Pty Ltd, a company that is known to make unsolicited low-ball share purchase offers to shareholders, is asking St. George Bank shareholders to sell their shares to the company at $12.81, when the share price was $25.44.

Why would any shareholders sell their shares at a huge 50.35% discount to the true market value? One has to wonder.

Shareholders are warned that they don't have to sell. It is not legal requirement that you have to sell your shares. You could sell your shares at a much higher price on the market than what was being offered, if you wish to do so.

In an article published by The Age last year , the Australian Securities & Investments Commission revealed that 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. 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.

Related articles:

NIB Media Release: NIB alerts shareholders of another unsolicited offer
http://www.nib.com.au/About/pdf/nib_alerts_shareholders_of_another_unsolicited_offer_231107.pdf

AMP warns shareholders to avoid below market offers
http://media.corporate-ir.net/media_files/irol/14/142072/asx/Microsoft%20Word%20-%20Unsolicited%20share%20offer%20Oct%2007MR.pdf

Home shareholders approached by Tweed
http://www.smh.com.au/news/Business/Home-shareholders-approached-by-Tweed/2006/09/14/1157827061354.html

Beware of Unsolicited Offers To Buy Your Shares - National Exchange, Country Estate & Agency and Direct Share Purchasing Corp
http://www.tradersnetwork.org/intelligence/content/view/49/51/

The secretive life of a market opportunist
http://theage.com.au/articles/2002/11/08/1036308482798.html

Government promises to restrict Tweed
http://smh.com.au/articles/2002/12/03/1038712936386.html

Buy-on-the-cheap trader stays in business
http://theage.com.au/articles/2003/05/06/1051987702629.html

Tweed attempts to lure Pivot investors
http://theage.com.au/articles/2003/05/08/1052280378748.html

IAG warns: look out for Tweed
http://www.smh.com.au/news/Business/IAG-warns-look-out-for-Tweed/2005/05/31/1117305618473.html

IOOF warns David Tweed is on the prowl
http://www.smh.com.au/news/Business/IOOF-warns-David-Tweed-is-on-the-prowl/2006/09/27/1159337212979.html

Sample copy of the offer letter from Hassle Free Share Sales Pty Ltd: