Share dealer diddling Aged
David Tweed, the notorious share dealer who targeted older people and small investors, offering to privately buy their shares in public companies for less than they were worth, has been stopped from proceeding with his first takeover bid, of Clime Capital.
Regulators warned that his offer was a ‘virus’ that should not be let loose on the Australian market and that it should be stopped.
The Australian Securities and Investment Commission said Mr Tweed’s Australian Share Purchasing Corporation was not giving shareholdesrs a guaranteed price and was attempting to use the company’s own money to pay for the bid.
The Federal Government passed special legislation in 2004 to curb Mr Tweed’s share activities which included companies like NRMA and Tattersalls.
Mr Tweed’s company said yesterday the bid would not proceed.
