David Tweed warning!!

[Profitseeker]

Tweed targeting AMP shareholders
February 23, 2006 - 12:44PM

Market opportunist David Tweed is now targeting AMP shareholders, using his technique of offering to buy shares at well below market value.

AMP has warned its shareholders to be aware of any approach by Mr Tweed's companies, in particular Direct Share Purchasing Corporation Pty Ltd (DSPC).

AMP shareholders have already been approached by another of his companies, National Exchange Proprietary Ltd.

In the latest attempt, DSPC is offering $5.00 per share for AMP shares, a significant discount to the recent trading range of AMP.

AMP chief executive Andrew Mohl said shareholders should be very cautious of any offers from any of Mr Tweed's companies.

"It would be of great concern to me if any AMP shareholder accepted an offer to sell their shares for less than their market value," Mr Mohl said.

"We strongly urge shareholders not to accept this offer as it is significantly below the market value of their shares."

Mr Tweed's companies have targeted AMP shareholders before.

Mr Tweed has made his name trawling through the share registers of major companies such as Insurance Australia Group, retirement living group Aevum and gaming operation Tattersall's, offering shareholders below market prices for their shares, sometimes with payments in small instalments made over decades.

Most recently he has been involved in a long-running dispute with boutique investment firm Clime Capital.

Earlier this month, he requested a extraordinary meeting of Clime - the fifth he has requested in less than a year - as he attempts to frustrate Clime into buying his 19.9 per cent stake in the company.

At 11.46am (AEDT) on Thursday, AMP was trading $8.46, up 15 cents.

 

[dutchie]

Re: Warning!!

He is also targeting IAG

Paying about half market value ($3.00).
EOD IAG $5.49

Cheers

Dutchie

 

[ghotib]

And he's still greenmailing Clime Capital.

Oh sorry... just saw that the article says that. Well it doesn't say greenmailing, but that's what it means.

Wouldn't it be nice if he could be force to fund research into conscience transplant.

Grrrrrr

Ghoti

 

[robots]

hello,

come on,

whats the problem with tweed,

what about when your down the local brick supplier offering them 5,000.00 for a 6,000.00 load of bricks or at the car dealer offering the salesperson 5,000.00 less than the advertised price?

there is buyers and sellers for everything, when you sell or buy your shares on comsec or etrade you set the price, if someone likes the price the transaction occurs.

asic has forced the disclosure changes on tweed, plenty of other corporate raiders out there that dont get the unjust attention

thankyou
robots

 

[ghotib]

hello,

come on,

whats the problem with tweed,

what about when your down the local brick supplier offering them 5,000.00 for a 6,000.00 load of bricks or at the car dealer offering the salesperson 5,000.00 less than the advertised price?

The problem with tweed is a bit like the problem with athletes and performance enhancing drugs. From one point of view, the athletes are intelligently using all available resources in order to win. From another, they're going against an unwritten (originally) assumption that the competition is about each athlete's talents and sustained effort. By that view, the drug users were cheating, even before the written rules were changed.

there is buyers and sellers for everything, when you sell or buy your shares on comsec or etrade you set the price, if someone likes the price the transaction occurs.

Sure, but there's a fundamental assumption that the parties are making their buy or sell decision on a fair basis, which includes information and ability to decide if the price is fair. In your example, the brick supplier can be expected to know the value of the bricks, the state of his business, and how much wiggle-room was in the list price. You can be expected to know what other suppliers are offering, whether you're willing to use different bricks, and how desperate you are to get the bricks on site two days ago.

Tweed makes unreasonably lowball offers in a form that is likely to mislead a targetted group of shareholders. It's true that no one forces them to accept the offer. It's also true that the companies Tweed targets are mostly demutualised, where many of the "investors" never wanted to own shares in the first place and don't have knowledge or resources to assess their value.

From one point of view Tweed is intelligently using his resources to win. From another, he's taking unfair advantage of vulnerable people - cheating you might say.

asic has forced the disclosure changes on tweed, plenty of other corporate raiders out there that dont get the unjust attention

ASIC didn't act alone. The High Court was scathing about Tweed in a case that he himself took to court, and the "disclosure changes" were by Act of Parliament. Since then his offers have disclosed a current share price, but there's more than one way to confuse and mislead - ask any advertiser. I haven't seen the most recent AMP offers. I have seen others - some are available on the Web if people want to see for themselves what the argument is about.

Not sure what you mean by "corporate raiders"; Tweed usually gets called things like buttom-feeder and scavenger. But whatever you call him, I think it's entirely appropriate to warn people about his record.

Cheers,

Ghoti

 

[Stan 101]

He is a scoundrel without a doubt, and how he lives with himself is beyond my comprehension. It doies remind me of the old adage "fools and their money...."

Tell me, would these same people who fall for this scam sell me their house or car if I walked up to them and offered an undervalued figure? I think they'd get a second opinion, don't you?

If people were responsible for their own actions, Tweed and his ilk would be destitute. Too often, the catchcry is " they are old / reasoning impaired / illiterate etc. I say that if you fit to hold such parcels of shares, you should be fit to make judgement on sales. If you are fooled by someone like Tweed, you obviously lack the competancy to own them directly.


let's hear people's opinions on my views...


Cheers,

 

[bullmarket]

Hi Stan 101

He is a scoundrel without a doubt, and how he lives with himself is beyond my comprehension. It doies remind me of the old adage "fools and their money...."

Tell me, would these same people who fall for this scam sell me their house or car if I walked up to them and offered an undervalued figure? I think they'd get a second opinion, don't you?

If people were responsible for their own actions, Tweed and his ilk would be destitute. Too often, the catchcry is " they are old / reasoning impaired / illiterate etc. I say that if you fit to hold such parcels of shares, you should be fit to make judgement on sales. If you are fooled by someone like Tweed, you obviously lack the competancy to own them directly.


let's hear people's opinions on my views...


Cheers,

:iagree: in general with you as I believe he has no scruples or concience but I think you're being a bit harsh on some of the people who are sucked in by his low-ball offers.

Sure there are some who should know better and still get sucked in and they have only themselves to blame. But there is also a small minority of elderly or whatever else people who have never ever had any experience in the stock market and so would have very little if any idea on who to go to for help who have been left a parcel of shares in an inheritance or whatever. Many of them see Tweed's offers as an easy and quick way to liquify their holdings and so blindly accept the low-ball offers. It's unfortunate that Tweed preys on these type of shareholders

A few days ago I received a letter from the DRT share registry saying that they were obliged under the Corporations Act to supply DRT shareholder information to a request from a law firm on behalf of the law firm's client.

So now I'm waiting on possible correspondence from Mr Tweed

cheers

bullmarket

 

[Happy]

As stated above - on one hand we say that too low offer is unfair on the other hand many people love to buy bargain priced items.

Hard one as there is aspect of uneducated people being offered sophisticated kind of con proposal and probably here where it hurts most intelligent people.

As it somehow feels different when we make low offer on bankruptcy auction and get something for fraction of the price.
We don’t think then, that higher offer could mean that more unsecured creditors could recover some of their funds or that everybody affected could recover higher percentage.

I don’t even want to talk about Pub dealings with stolen property for fraction of the price.

If anybody wants to be tweedy, can load prepaid envelope with weekly collection of pamphlets or some other rather heavier bits and pieces and make him pay the postage and probably extra charges due to higher than standard letter weight.

But as responsible citizens we should not allow paper to be wasted this way we, should recycle it and it is not the best way to do it.

 

[Profitseeker]

I believe that what Tweed does is wrong but on the other hand buyer beware. If you don't know what you are doing find out about it before you do anything!

 

[Bloveld]

I think Tweed is no better than the lowlifes that grab old ladies hand bags. Same thing, preying on the weak.
And anybody who has any sympathy or support for Tweed is just showing their true lowlife nature.

 

[Milk Man]

If anybody wants to be tweedy, can load prepaid envelope with weekly collection of pamphlets or some other rather heavier bits and pieces and make him pay the postage and probably extra charges due to higher than standard letter weight.

Get some .45 calibre slugs from your local gun shop and whack em in there too. If youre not that game then sinkers will do fine.

 

[Nicks]

I believe that what Tweed does is wrong but on the other hand buyer beware. If you don't know what you are doing find out about it before you do anything!

.... but thats the point, the weak dont know. The strong have a moral and ethical obligation to protect the weak. Wouldnt be much fun being weak otherwise would it....

 

[Ann]

David Tweed is a shmuck!

Probably not my last word on this subject! :

 

[robots]

hello,

Clime Capital: no difference from Tweed to other corporate raiders, all buying major stakes in companies and wanting to then introduce there own "tactics/management style" whether they me right or wrong in someone's view

we wouldnt have a clue who has accepted his offers,

all I understand is people have a choice to accept or not accept his offer,

people may be happy with his offer, as most know, plenty of people lose money with shares

the majority of people and media are highly jealous of him,

whats the big deal, if today, you want to sell CBA for $50/share and someone accepts, then are you a bad person?, if you buy CBA for $30.00/share have you ripped somebody off?

no you got a good deal,

thankyou
robots

 

[bullmarket]

Hi robots

my are in red

hello,

Clime Capital: no difference from Tweed to other corporate raiders, all buying major stakes in companies and wanting to then introduce there own "tactics/management style" whether they me right or wrong in someone's view

we wouldnt have a clue who has accepted his offers,

all I understand is people have a choice to accept or not accept his offer,

yes I agree everyone has a choice but Tweed appears to deliberately include in his targets people that he might think will not have access to information enabling them to make an informed choice. Imo what he does is at least immoral and unethical and approaching blatant theft by stealth.

people may be happy with his offer, as most know, plenty of people lose money with shares

the majority of people and media are highly jealous of him,

what verifiable info are you basing this statement on? Yes he is a multi-millionaire and if you believe the media lives on his own with no friends and even some of his family have disowned him. I couldn't live like he does.

whats the big deal, if today, you want to sell CBA for $50/share and someone accepts, then are you a bad person?, if you buy CBA for $30.00/share have you ripped somebody off?

no you got a good deal,

I totally disagree with you on this one. If the seller had access to information telling him that CBA was really worth $50 and the seller still sold at $30 then yes you got a good deal. But if the seller was one of the elderly, frail, uninformed and inexperienced shareholders with no access to help that Tweed targets then imo you blatantly ripped someone off and imo stole by stealth from a vulnerable person.

thankyou
robots

I see Tweed and people like him as the same low lifes who snatch handbags from elderly ladies who are not in a postion to defend themselves.

At least legislation has been passed that forces people like Tweed to disclose the true market value at the time on their offers - but I hear the print is very small.

cheers and good luck in your endeavours.

bullmarket

 

[Profitseeker]

.... but thats the point, the weak dont know. The strong have a moral and ethical obligation to protect the weak. Wouldnt be much fun being weak otherwise would it....

True.

 

[Profitseeker]

I think Tweed is no better than the lowlifes that grab old ladies hand bags. Same thing, preying on the weak.
And anybody who has any sympathy or support for Tweed is just showing their true lowlife nature.

I was not trying to defend Tweed; I think he is a low life. What I was saying is that people should take responsability for their actions.

 

[robots]

hello,

"we wouldnt have a clue who has accepted his offers"

has anybody's vulnerable frail grandma/pa accepted one of his offers?

people can live how they like, I personally believe he is wak

wasnt the recent lady who tried to get out of her contract with Tweed described as a "sophisticated investor"

thankyou
robots

 

[crackaton]

hello,

come on,

whats the problem with tweed,

what about when your down the local brick supplier offering them 5,000.00 for a 6,000.00 load of bricks or at the car dealer offering the salesperson 5,000.00 less than the advertised price?

there is buyers and sellers for everything, when you sell or buy your shares on comsec or etrade you set the price, if someone likes the price the transaction occurs.

asic has forced the disclosure changes on tweed, plenty of other corporate raiders out there that dont get the unjust attention

thankyou
robots

Where exactly does he get the information to approach these people? Why does he target the elderly and mentally disabled?
Perhaps you should have a good look at yourself.

 

[crackaton]

I believe that what Tweed does is wrong but on the other hand buyer beware. If you don't know what you are doing find out about it before you do anything!

He has been sponging of people who recieved free AMP shares when it floated.

A lot of these people would not know what a share is let alone a market. He is a fArker.