# Direct Share Purchasing Corporation



## brerwallabi (3 November 2005)

What a cheek this company have... I have 1135 IAG shares valued at at the time $5.06, total value $5743.10 and this company sends me a letter offering to buy them for $3972.50. I returned the postage paid envelope with their letter of offer inside torn up in many pieces. Very disgusted by this organisation, but people actually fall for this. Why can't our government legislate against this kind of exploitation - does anyone know why this is allowed to continue?


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## tarnor (3 November 2005)

thats bizarre i've never heard of anything like that?? who would give them the shares? Did they have a sales pitch for thier offer??

just dont understand how that would work


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## tarnor (3 November 2005)

argh seems it does work...


from the IAG site


> Updated 29/09/2005
> 
> Insurance Australia Group Limited (IAG) is aware that Mr David Tweed, through his companies National Share Purchasing Corporation Pty Ltd (NSPC) and Direct Share Purchasing Corporation Pty Ltd (DSPC), has launched more unsolicited offers for IAG shares.
> 
> ...




and from here

http://www.smh.com.au/news/investment/not-the-full-quid/2005/09/12/1126377240826.html



> Last year Tweed sued about 300 elderly victims after they realised they were being duped and tried to get out of the deal.




what a complete bastard....


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## ghotib (3 November 2005)

Yep, this is David Tweed and Yep, he's a bastard. Also a scumbag. Also, in his own words, someone who missed out on morals. Also someone who's continuing to make a lot of money out of small and novice shareholders. 

I've just popped in here after finishing the draft of a letter to ASIC about Tweed in relation to Clime Capital, which I hold and which he's sliming around at the moment. The more complaints they get, the more ammunition they have against him. 

Ghoti


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## brerwallabi (3 November 2005)

ASIC's director of enforcement, Mark Steward, says the law is designed to ensure shareholders are informed as much as possible.
"When shareholders accept these types of offers they are missing out on the objective market price of these shares," he says. "That would not usually be in that person's best interest, so before agreeing to do this, we would urge people to take advice."

How do we fix guys like Tweed?
Easy, equip ASIC with the same powers that exist in the Trade Practises Act where you mislead and when you lie to the consumer can lead to huge fines totalling millions. I am writing to ASIC and ACCC as this company is behaving with a degree of unconscionable behavior as it is exploiting by knowing that a section of the population would be holding shares but have limited knowledge on how to tranact them so are therefore disadvantaged. Tweed is therefore taking unfair advantage of that position and contravening the Trade Practises Act in my mind.


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## yada (3 November 2005)

brerwallabi said:
			
		

> What a cheek this company have... I have 1135 IAG shares valued at at the time $5.06, total value $5743.10 and this company sends me a letter offering to buy them for $3972.50. I returned the postage paid envelope with their letter of offer inside torn up in many pieces. Very disgusted by this organisation, but people actually fall for this. Why can't our government legislate against this kind of exploitation - does anyone know why this is allowed to continue?




Laws have been passed that make it mandatory to publish the current share price when making offers like these. But no doubt people like Tweed will exploit this or find a loophole (ie publish it in 6 pt font in yellow). He's been on ACA a number of times. Seems the guy has no shame.


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## ghotib (4 November 2005)

brerwallabi said:
			
		

> How do we fix guys like Tweed?
> Easy, equip ASIC with the same powers that exist in the Trade Practises Act where you mislead and when you lie to the consumer can lead to huge fines totalling millions. I am writing to ASIC and ACCC as this company is behaving with a degree of unconscionable behavior as it is exploiting by knowing that a section of the population would be holding shares but have limited knowledge on how to tranact them so are therefore disadvantaged. Tweed is therefore taking unfair advantage of that position and contravening the Trade Practises Act in my mind.



Good on ya Brer. 

I'm taking a close interest in Tweed now because of his attack on Clime Capital. He's using the low ball offer tactic to acquire shares, but in this case he's also bought a lot on market because he's been building a substantial stake. He reached 5% early this year and 19.99% as of yesterday, and between 5% and now he's requisitioned 4 frivolous EGMs with umpteen idiot motions generating a forest of paperwork, all apparently with a view to harassing the board into buying him out. There have been 2 EGMs so far, both of which overwhelmingly rejected him. The next 2 are being combined into one, which I'm going to and which I expect will be quite well attended. 

I understand this is a new venture for Tweed and that ASIC is well aware of it and very interested. Like you, I've written to ASIC, because I figure that the more complaints they get the more reason they have to act. And I guess that if a complaint from a minority shareholder reveals ignorance or naivity, that just reinforces the disadvantage you talk about.

It's quite an education, and not what I expected when I bought into the company. I have thought about selling, but I don't want to sell to Tweed and I don't want to give up on something I bought for the very long haul (like 25 years) because an unscrupulous bully like Tweed attacks it.


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## Kauri (4 November 2005)

Call his bluff,make him sit on his 19.99% and sweat.


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## Profitseeker (4 November 2005)

How does he get shareholder's details with the privacy act in place?


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## ghotib (4 November 2005)

Profitseeker said:
			
		

> How does he get shareholder's details with the privacy act in place?



Company share registers are public documents. The Corporations Act says that the information in them can only be used for purposes related to the shareholdings  (http://www.privacy.gov.au/publications/is17_03.html). 

Cheers,

Ghoti


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## ghotib (4 November 2005)

Kauri said:
			
		

> Call his bluff,make him sit on his 19.99% and sweat.



And I thought the thing he sat on was his arse 

How would you make anyone sit on his 19.99% and sweat?

Cheers,

Ghoti


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## Kauri (4 November 2005)

ghotib said:
			
		

> And I thought the thing he sat on was his arse
> 
> How would you make anyone sit on his 19.99% and sweat?
> 
> ...




   He has deliberately targeted a company with a small market cap and one without any single large holdings. That made it easy for him to reach the 19.99% threshold and at the same time difficult for the company to organise any defence against him. If all shareholders realize what he is up to, ( and it seems they do judging by his failure to get a seat ), then so long as they keep voting against him he will get nowhere on that front. As for selling your shares, unless he launches a takeover bid, he can't buy anymore. Ignore him and see how long he is willing to leave his $5-6 million tied up. If he tries to unload that amount of shares the effect on the share price will probably leave him out of pocket. After all, it is probably his buying that has been supporting the share price. So in my opinion, so long as the company keeps all holders informed of what he is doing, and the holders vote in a block against any of his proposals, *he * has the problem.


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## happytrader (4 November 2005)

Hi Kauri

Just from observation over the years - Have you noticed how he makes his 'offers' when the 'glooms' really caught on. The is guy slick. 'The darkest hour is always before dawn' He knows it and works it. And by the way I would'nt be surprised if he uses sights like these as a 'barometer'

Cheers
Happytrader


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## Kauri (4 November 2005)

Happytrader.
                   yes, slick is not quite the word I would have used.       If he does lurk around in places like this,  :swear:  you Mr T****.


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## Happy (4 November 2005)

He can probably bleed the small company dry by just calling meetings.

Printing and postage of meetings can be quite expensive multiply that by many meetings and small budget Co, will fill the pinch eventually.

I think this, is the matter of who’s got deeper pocket, like unlimited stakes poker.


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## happytrader (4 November 2005)

Same here Kauri!

Hi Happy. 

Mr Tweed plays the numbers game. He sniffs out and hunts down weak hands -  then divides and conquers. He does not waste time, effort and money on hands he can't win. Think predator.

I doubt he would tell me I'm wrong because he has no illusions about himself.

Cheers
Happytrader


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## Kauri (4 November 2005)

About 1000 holders on the register, his calling meetings is likely to be more of nuisance value than financial.
*Hypothetically*..... form a shareholders action group, proxy the votes, block him at every turn. At 19.99% holding he can't buy more without making a T/O bid, (which I think is the last thing on his mind) so the buying supporting the s/p over the last few months has gone, added to the possibility that his involvement will depress the s/p, how long will he hang around if his " *hard earned* " money starts to bleed away? In other words, play him at his own game, only do it better.


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## brerwallabi (5 November 2005)

Hey Guys
Look I have been aware of Tweed for quite a while but this is the first time I have been confronted by him. On this forum collectively we have a lot of power, if and the membership is 2000+( realistically slightly less active but still considerable) we get together to bombard ASIC & ACCC we can force some action against the tactics employed to gain profit by unconscionable behavior in acquiring shares from the disadvantaged. Its all up to you as individuals, I myself admit to occassional ramping - my enthusiasm for a good thing, but never blatent exploitation through methods of procurement that may currently be legal to gain through the disadvantaged. Please make you opinions known, not on this forum but to the bodies that are enpowered to supposed to protect us.We all know this is wrong lets do something.


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## ghotib (7 November 2005)

Kauri said:
			
		

> About 1000 holders on the register, his calling meetings is likely to be more of nuisance value than financial.
> *Hypothetically*..... form a shareholders action group, proxy the votes, block him at every turn. At 19.99% holding he can't buy more without making a T/O bid, (which I think is the last thing on his mind) so the buying supporting the s/p over the last few months has gone, added to the possibility that his involvement will depress the s/p, how long will he hang around if his " *hard earned* " money starts to bleed away? In other words, play him at his own game, only do it better.



Thanks for this. There are moves afoot for an action group.

One thing to bear in mind is that this is not just any small cap, it's small cap LIC trading well below its NTA and with a lot of cash. So a takeover might not be unattractive to him, in which case I guess his next move would be to trade small parcels to lower the sp??

All thoughts welcome. I've never been caught up in anything like this before.

Ghoti


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## phoenixrising (7 November 2005)

Does he go by the name Ross Investments?

Received a letter from GPT (I hold) stating may receive a letter soon from Ross Invest and although they can't give investment advice check the current price and get independent advice if needed.

I think Guppy starts his day with something like "the sharks are circling and I will be bait if i'm not carefull"

Cheers


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## ghotib (8 November 2005)

A scumbag, but not the same scumbag. Try a Google search on Ross Investments.

Ghoti


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## arlee123 (8 November 2006)

*DSPC*

hey guys....

just received a letter from this company..DSPC ..Direct share purchase Corp...today offering to buy my bhp shares at $20 per share...WTF...they're worth more than $27.....i dont really understand what this company is trying to do...anyone know ??? thanks


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## arlee123 (8 November 2006)

*Re: DSPC*

just googled it.....know what it is now....haha
this guy is so.........such an idiot


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## alankew (8 November 2006)

*Re: DSPC*

send the reply paid envelope back so at least it costs them the postage


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## arlee123 (8 November 2006)

*Re: DSPC*



			
				alankew said:
			
		

> send the reply paid envelope back so at least it costs them the postage




 i was gonna do that....but then....found out that you need to affix stamp....
so yeah...those cheap b**ches...


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## David walker (25 August 2010)

Wow wow wow!

it's grate to see verey one's message about this corporation if thats what you call it!

To day yes I got a unslised letter for so call corporation try gave a offer of $2 dollar a share when listed at 3.41 he go jump in the lake for all care what a dick head !

He still around try to get people to take up the offer so stay well clear of him pleases he just wont rip people off for his own gan.

Greed as the better of him!   

yes well taking up with ACCC and ASIC also 

God bless 
Dave walker


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## theinvestnoob (12 November 2010)

hi, ive had many offers from david twurd. Got one today offering $0.50 cents per share of my perpetual w/sale monthly income fund. His letter states the value of them at the time of writing was $1.018. What gets me about this creep is how he could persuade people to sign up for this crap. I dont know what hold he Twurd has over the lawmakers but it would surely be not to diffucult to make his life hell. I always send his offers back with no stamp, along with unrepeatable messages enclosed for him. OH and I cut off the section on the bottom where the signatures go when suckers agree to his leech like ways. This guy would make great roadkill


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