Unsolicited Telstra share purchase offer on the loose

May 2, 2008 4:06 PM
Filed under Finance

Telstra has warned its shareholders they may receive an unsolicited offer to purchase Telstra shares at a heavily discounted price.

The potential offer, from a company called Share Express, could see some shareholders invited to sell their shares for just $2.72, or just 59 per cent of the closing May 1 Telstra share price of $4.62, said Telstra Company Secretary, Carmel Mulhern.

According to Mulhern the offer has no association 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 percent of our shareholders," she said. "We recommend that any shareholder who receives the offer should not accept it without seeking independent financial advice, because the offer price is far below the current market price."

Share Express recently purchased a copy of Telstra's shareholder register. Under the Corporations Act, Telstra must keep a register of its shareholders. Telstra is unable to prevent any party from inspecting or purchasing a copy of its share register, Mulhern said.

She said that Share Express has only purchased Telstra's register of shareholders, not the register of T3 instalment receipt holders.

"To our knowledge, the offer is only being sent to owners of fully paid ordinary shares, not T3 instalment receipts," she said.

Mulhern reminded shareholders that Telstra's share price is published in the financial pages of major daily newspapers and is available from Telstra's on-line Investor Centre (www.telstra.com.au) and the ASX website (www.asx.com.au).

Telstra recommends that shareholders wishing to sell their shares for any reason should contact their broker or financial adviser.
 
Follow us on Facebook and Twitter
 
Unsolicited Telstra share purchase offer on the loose
 
 
 
 
 
Top Stories
NTT Data grabs slice of $150m SAP project
Dollars flow from major Transport for NSW programme.
 
Kogan launches Fortis sports brand in Australia
Looks beyond technology gadgets.
 
NEC Australia consults staff over redundancies
Part of transition from vendor to integrator.
 
Sign up to receive CRN email bulletins
   FOLLOW US...
Polls
Which mobile device couldn't you live without?


Latest Comments
CRN Magazine

Issue: 328 | June 2014

CRN Magazine looks in-depth at the emerging issues and developments for the channel, and provides insight, analysis and strategic information to help resellers better run their businesses.