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INSURANCE AUSTRALIA GRP WARNS SHAREHOLDERS OF UNSOLICITED OFFERS

 

Tuesday, May 11,2010, 11:34:53 AM   Click:

Insurance Australia Group Ltd (ASX:IAG) is warning investors to prepare for unsolicited, undervalued offers for their shares.

In a statement on Tuesday, IAG said a company trading as Hassle Free Share Sales Pty Ltd has been contacting holders of IAG shares at a value significantly lower than their market price.

IAG also said Direct Share Purchasing Pty Ltd, associated with share trader David Tweed, which has made unsolicited offers in the past, may be preparing to launch another bid for IAG shares.

In 2007, NSW authorities warned so-called mum and dad investors to be wary of Hassle Free Share Sales, saying they preyed on inexperienced investors.

Head of investor relations at IAG, Carolyn McCann, said IAG did not endorse any unsolicited offer.

"We urge shareholders to seek independent financial advice and check the current price of IAG shares," Ms McCann said in a statement.

Since 2002, almost 16,000 IAG shareholders have agreed to sell their shares for less than market value, the company said.

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