Australian (ASX) Stock Market Forum

How to be a Prick!

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Amazing coincidence that it is another demutualised company( he did the same with AMP ), with a lot of people on the register who didn't actually buy the shares and know nothing about how the share market works.
Is this the one where in the very small print it says that you will be paid todays price but in 10 years time? Such a generous man. :pirate:
 
MEDIA RELEASE
30 September 2005
Tweed launches new offer for IAG sharesthrough a different
Direct Share Purchasing Corporation Pty Ltd (DSPC). This follows a separate offer made earlier this month through another company owned by Mr Tweed, National Share Purchasing Corporation.
Insurance Australia Group Limited

ABN
60 090 739 923

388
George Street

Sydney NSW 2000 Australia

iag.com.au

IAG does not endorse any unsolicited offer from Direct Share Purchasing Corporation Pty Ltd or any other company to buy IAG shares from our shareholders.
IAG Group Company Secretary & Head of Investor Relations, Ms Anne O’Driscoll, said this offer significantly undervalues IAG shares and shareholders should seek advice before deciding whether to accept the offer. “DSPC is offering shareholders $3.50 per share, which is more than $1.50 below the lowest price at which IAG’s shares have traded in the past year. Shareholders who sell at this price will be doing so at a significant financial disadvantage relative to what they could obtain in the open market,” Ms O’Driscoll said. “The offer also includes a grant of power of attorney from the shareholder to DSPC, which has significant legal consequences. “This is the fourth unsolicited offer to acquire shares in IAG by different companies associated with Mr Tweed in three years. “Earlier this month, Mr Tweed, through National Share Purchasing Corporation, offered shareholders $8.10 per share, paid out over 18 annual instalments of 45 cents per share. In 2002 and 2003, National Exchange, another company associated with Mr Tweed, made two unsolicited offers. Although IAG wrote to shareholders individually on each occasion, thousands of holders accepted the offers even though they were for less than the market price of the shares,” Ms O’Driscoll said. IAG has informed the Australian Securities & Investments Commission (ASIC) of the situation. Shareholders who receive any unsolicited offer are urged to read the document carefully and obtain professional advice before deciding whether or not to accept the offer. Please note that the advice in this media release has been prepared without taking into account the objectives, financial situation or needs of particular shareholders. Before acting on this advice, shareholders should consider whether it is appropriate to their particular circumstances. Shareholders should also read any offer document carefully and consult a professional advisor before making a decision.
 
I am amazed that some people think that what Tweed does is OK. It is a disgrace that he takes advantage of the elderly or unaware. Our society still should try to protect those who require it.

I assume those who think what he does is OK would be quite happy if their mother was tricked into selling her house for say half its' real value.

I have received about four offers from Tweed. I take pleasure in sending back his prepaid envelope with a blank piece of paper (a small cost to him of 50c). Maybe white powder would be a good idea.

He is a low life vermin.
 
Bingo,with all due respect maybe thats your problem,getting so many offers from the vermin(tweet) ,by sending the reply envelope at his cost all you are doing is confirming your details and keeing yourself on his radar ,we`ve only received one offer which went straight in the bin, since then nothing else.I`m thinking that the vermin gets confused by silence and thinks that maybe your`re no longer at that address and gives up.Just a thought.
 
I think its disgusting also... While ageing may have little effect on some of us, for others it does effect memory, awareness etc, For someone to exploit the vunerabality of a person is abuse (Elder abuse in this case..)

http://www.aoa.gov/eldfam/Elder_Rights/Elder_Abuse/Elder_Abuse.asp

Elder Abuse Is a Serious Problem

Each year hundreds of thousands of older persons are abused, neglected and exploited by family members and others. Many victims are people who are older, frail, and vulnerable and cannot help themselves and depend on others to meet their most basic needs.

Legislatures in all 50 states have passed some form of elder abuse prevention laws. Laws and definitions of terms vary considerably from one state to another, but all states have set up reporting systems. Generally, adult protective services (APS) agencies receive and investigate reports of suspected elder abuse.

The 1998 National Elder Abuse Incidence Study funded in part by AoA found the following:

551,011 persons, aged 60 and over, experienced abuse, neglect, and/or self-neglect in a one-year period;
Almost four times as many new incidents of abuse, neglect, and/or self-neglect were not reported as those that were reported to and substantiated by adult protective services agencies;
Persons, aged 80 years and older, suffered abuse and neglect two to three times their proportion of the older population; and
Among known perpetrators of abuse and neglect, the perpetrator was a family member in 90 percent of cases. Two-thirds of the perpetrators were adult children or spouses.
Generally Accepted Definitions

Elder abuse is an umbrella term used to describe one or more of the following:

Physical abuse is the willful infliction of physical pain or injury, e.g., slapping, bruising, sexually molesting, or restraining.
Sexual abuse is the infliction of non-consensual sexual contact of any kind.
Emotional or psychological abuse is the infliction of mental or emotional anguish, e.g., humiliating, intimidating, or threatening.
Financial or material exploitation is the improper act or process of an individual, using the resources of an older person, without his/her consent, for someone else's benefit.
Neglect is the failure of a caretaker to provide goods or services necessary to avoid physical harm, mental anguish or mental illness, e.g., abandonment, denial of food or health related services.
Self-neglect is characterized as the behavior of an elderly person that threatens his/her own health or safety.
Reporting Elder Abuse

To report elder abuse, contact APS through your state’s hotline. The APS agency screens calls for potential seriousness, and it keeps the information it receives confidential. If the agency decides the situation possibly violates state elder abuse laws, it assigns a caseworker to conduct an investigation (in cases of an emergency, usually within 24 hours). If the victim needs crisis intervention, services are available. If elder abuse is not substantiated, most APS agencies will work as necessary with other community agencies to obtain any social and health services that the older person needs.

The older person has the right to refuse services offered by APS. The APS agency provides services only if the senior agrees or has been declared incapacitated by the court and a guardian has been appointed. The APS agency only takes such action as a last resort.

The Role of the Administration on Aging

AoA has a strong commitment to protecting seniors from elder abuse. Our community-based long-term care programs allow millions of seniors to age in place with dignity. AoA also supports a range of activities at the state and local level to raise awareness about elder abuse. These activities include training law enforcement officers and medical professionals in how to recognize and respond to elder abuse cases, conducting public awareness and education campaigns, and creating statewide and local elder abuse prevention coalitions and multi-disciplinary teams.

AoA funds the National Center on Elder Abuse (NCEA) to serve as a resource for the public and for professionals. NCEA consists of a consortium of five partners: the National Association of State Units on Aging, the lead agency; the Commission on Law and Aging of the American Bar Association; the Clearinghouse on Abuse and Neglect of the Elderly of the University of Delaware, which has an on-line searchable database; the National Adult Protective Services Association; and the National Committee for the Prevention of Elder Abuse.

NCEA provides elder abuse information to the public and to professionals; offers technical assistance and training to elder abuse agencies and related professionals; conducts short-term elder abuse research; and assists with elder abuse program and policy development. It manages an elder abuse list serve for professionals in the field, and it produces a monthly newsletter. NCEA's website contains many resources, including a list of the state elder abuse hotlines and information on publications, community coalitions, and upcoming conferences. You can contact NCEA in a number of ways:
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Tarnor,
yesterday I was contacted by someone who was cleaning air vents in our area,told him nicely that I wasnt interested ,he tried to convince me that i needed this service,was i sure that i didnt want this service,
to cut a long story short i told him to go and get f.....d
So , sometimes is not about elderly having their wits about them some people
like (tweet)are practiced in getting their way or simply pressuring their way and some people just dont want to seem rude and agree to things they dont want to do.It seems to me that manners no longer gets you where you want to go and scum like him just wear people down.Hence the need to protect people at every turn.
Just my experience.
 
ghotib said:
I think the situation is a bit different when the "suckers" acquired their shares through a demutualisation, even if they voted against it. Say you're a "sucker" who belonged to the NRMA for 50 years, live on an aged pension and a little bit of super, don't have and don't want an internet connection. You've never owned shares (or maybe you got burnt in the Poseidon boom), and never wanted to. Suddenly you get 150 shares in NRMA Insurance and a bunch of correspondence that you didn't want, aren't interested in, and don't really understand, but at least you recognise the name. Then the name changes, and suddenly you're getting a bunch of correspondences that you didn't want, aren't interested in, and don't really understand, and you're not quite sure who it's from. Then some mob you've never heard of offers you some money for something you don't want and don't know how to get rid of otherwise. You might be a sucker, but I don't really think it's your fault.

I think the problem would be better resolved by changing the requirements for demutualisation so that the new company is obliged to acquire shares at a small premium to the initial price from members whose holdings would be below some limit and who choose to opt out. That would give them a practical, rather than just a theoretical, chance of realising some cash as well as making life more difficult from Tweed and his like.

Ghoti
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I once explained how to sell shares to someone (elderly and not in good health) in a situation like this.

They'd never owned shares before and didn't have a clue how to go about buying or selling. They had no idea about brokers although they did know that the stock exchange existed and thought they had to go there in person to sell their shares.

I just made an appointment for them to talk face to face with a local full service broker and went along to the meeting with them. All sorted out quite easily.

They could very easily have been duped by the likes of Tweed given their lack of knowledge, health worries and desire to sell the shares as soon as possible in order to gain some benefit from the money while still able. :2twocents
 
visual said:
Tarnor,
yesterday I was contacted by someone who was cleaning air vents in our area,told him nicely that I wasnt interested ,he tried to convince me that i needed this service,was i sure that i didnt want this service,
to cut a long story short i told him to go and get f.....d
Click to expand...
I've lost count of the number of times I've seen or heard some sort of home maintenance service being offered which is at best unnecessary and at worst completely pointless.

Faced with some dire warning about something leaking, catching fire or blowing up, many people will simply pay for whatever is being offered.

There are some things that are worthwhile of course. Like cleaning the gutters to prevent rust (and reduce fire risk in rural areas) and also keeping a good anode in the hot water tank will save $ in the long term.

But you don't need to be servicing fridge motors (they're completely sealed and can't be serviced so that one's an outright con) and most roofs aren't going to blow off or collapse if not fixed in the next two days.
 
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