Vector chairman Stiassny appalled by threat to sue shareholders
Businessman Bernard Whimp's threat to sue Vector shareholders is appalling, its chairman says.
Businessman Bernard Whimp's threat to sue Vector shareholders is appalling, its chairman says.
Vector was one of a number of listed companies targeted by unsolicited offers from companies associated with Mr Whimp during the Christmas and New Year period.
The offers were substantially below the market price at the time but the letters did not contain the comparison. The offers have been condemned as opportunistic but they are legal.
However, Vector Chairman Michael Stiassny has told 170 affected shareholders they can review their decision to sell shares to Energy Securities, controlled by Mr Whimp, due to incorrect or incomplete information submitted on the share transfer forms.
Mr Stiassny today said he was appalled Mr Whimp had now sent a letter to Vector shareholders threatening to sue if they did not complete agreements with Energy Securities.
"We have had a number of shareholders call deeply concerned and distraught by the threat of legal proceedings against them.
"Many of the shareholders that have contacted us only hold small parcels of shares and the cost of seeking professional advice on Mr Whimp's offer and subsequent threats is prohibitive," he said.
Mr Stiassny said he wanted to reassure shareholders that Vector insisted on correctly completed share transfer forms and would not register shares without the correct information.
"If shareholders do wish to correct the defective documentation prepared by Mr Whimp, then Vector will register the transfers, otherwise they can ignore Mr Whimp's threats," he said.
The share transfer forms submitted by Mr Whimp to Computershare do not provide required information, including, in some cases, the CSN number, or correct authorisation.
Mr Whimp has claimed, under power of attorney, that he has signed the share transfer on shareholders' behalf. Without the required information, Vector and Computershare have not been able to confirm that the shares should be transferred.
NZPA and NBR staff
Thu, 17 Feb 2011
Thu, 17 Feb 2011
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Vector chairman Stiassny appalled by threat to sue shareholders
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