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According to Telstra, shareholders who recently received an unsolicited offer to purchase their shares at a heavily discounted price will be protected until 5 June 2008 under an interim stop order issued by the Australian Securities and Investments Commission (ASIC).
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Company Secretary, Carmel Mulhern, said ASIC’s move, which was made at the request of Telstra, was welcomed as it meant Telstra shareholders were protected from accepting an offer at far less than the market value.
“ASIC’s interim order may cease at any time up until 5 June 2008 so once again Telstra is warning shareholders to be vigilant,” Mulhern said.
Mulhern said this offer had no association whatsoever with Telstra, the Government’s T3 Sale Company or with the final payment required to be made by holders of T3 instalment receipts.
“We understand that this offer has been mailed to less than one per cent of our shareholders.
“Any shareholder who receives this offer should not accept it without seeking independent financial advice.
“The offer price is far below the current market price. If you owned 1,000 shares and accepted this offer, you would receive about $2,100 less than you would selling them on the market at yesterday’s closing price of $4.82,” she said.
Mulhern said Share Express recently purchased a copy of Telstra’s shareholder register.
“To our knowledge, the offer is only being sent to owners of fully paid ordinary shares, not T3 instalment receipts,” she said.
