(01 March 2010 – Australia) Australia and New Zealand Banking Group Limited has warned shareholders about potential unsolicited offers for shares circulating.The bank warned shareholders after it became aware that Easy Share Sales LTD (ESS) had been approaching shareholders with an instalment offer to purchase their shares with annual payments made over 14 months.
The bank said that the present value of the instalment amounts is considerably lower than the current market value of the shares.
The Australian Securities and Investment Commission (ASIC) advised shareholders to be aware of the pitfalls associated with unsolicited offers to purchase shares.
The bank said if shareholders receive any offers for their ANZ shares, which involves payment of the purchase price by instalment over many years, they should read all offer documentation very carefully and compare the current value of the instalment offer against the market price.