DNZ calls Securities Commission on 'unethical' trade

Free audio stream, including stories that are padlocked on our site. Listen on any device, anywhere. Updated twice daily. The audio stream takes several seconds to start on Android devices.

Launch Radio player

Property fund DNZ which listed on the NZX last week has referred formerly banned company director Terence Whimp’s trade of millions of its shares under value to the Securities Commission.

Through his limited partnership company Carrington Securities LP, Mr Whimp who was banned as a director for four years from 2006 acquired 2.2 million DNZ Property Fund shares from smaller shareholders at 60c a share.

The 60c a share offer was below the 90c that shares were trading on the Unlisted market and the indicative 80c to $1.05 price range DNZ’s offer document outlined in July. Since DNZ listed on August 16, its shares are now $1.02.

“These kinds of offers are designed to take advantage of unsophisticated and vulnerable investors,” DNZ chairman Tim Storey said.

“It is of considerable concern that there is nothing that can be done to stop this type of unethical and predatory activity.”

DNZ has referred the matter to the Securities Commission and NZX.


5 · Got a question about this story? Leave it in Comments & Questions below.

This article is tagged with the following keywords. Find out more about MyNBR Tags

Post Comment

5 Comments & Questions

Commenter icon key: Subscriber Verified

So Chairman Storey suddenly doesn't like unsophisticated investors being taken advantage of?
This is a turn around Tim. Last year you led the attack in shafting vulnerable DNZ shareholders.

Reply
Share
  • 0
  • 0

So now Storey wants to decide who can sell and buy shares and how much they will cost instead of the buyer and seller. What bloody arrogance.

No doubt he will join the bunch of loonies trying to forbid NZers from selling land, cars, shares, sex or anthing else to a foreigner, except when he personally approves.

Reply
Share
  • 0
  • 0

Is this personal interest before others?

Reply
Share
  • 0
  • 0

I'm not a fan of Whimp but Storey's outrage is so two-faced it's a joke. Much like Storey and Duffy.

Reply
Share
  • 0
  • 0

Storey and Co are probably just frustrated he didn't think of it themselves..

Reply
Share
  • 0
  • 0

Post New comment or question

Plain text

  • No HTML tags allowed.
  • Web page addresses and e-mail addresses turn into links automatically.
  • Lines and paragraphs break automatically.

NZ Market Snapshot

Forex

Sym Price Change
USD 0.7100 0.0000 0.00%
AUD 0.9295 0.0000 0.00%
EUR 0.6459 0.0000 0.00%
GBP 0.4645 0.0000 0.00%
HKD 5.5084 0.0000 0.00%
JPY 88.1490 0.0000 0.00%

Commods

Commodity Price Change Time
Gold Index 1189.4 2.070 2015-05-29T00:
Oil Brent 66.1 -1.110 2015-05-29T00:
Oil Nymex 60.3 2.570 2015-05-29T00:
Silver Index 16.7 0.032 2015-05-29T00:

Indices

Symbol Open High Last %
NZX 50 5777.6 5844.9 5777.6 1.17%
NASDAQ 5093.1 5099.4 5098.0 -0.55%
DAX 11685.7 11704.4 11677.6 -2.26%
DJI 18128.1 18128.1 18126.1 -0.64%
FTSE 7040.9 7069.9 7040.9 -0.80%
HKSE 27398.3 27604.3 27454.3 -0.11%
NI225 20510.3 20636.4 20551.5 0.06%