Wednesday 20 August 2008
National Australia Bank Group (NAB) today urged shareholders that accepting an offer from a company called Hassle Free Share Sales Pty Ltd (Hassle Free), to sell their NAB shares, could mean they suffer a financial loss.
NAB has recently been legally obliged to provide a copy of its shareholder register to Hassle Free. The register contains the names, addresses and specific shareholding details of individual shareholders.
Hassle Free has contacted shareholders of other listed companies directly and offered to buy their shares.
However, the price offered has been much lower – sometimes less than half – than the price a shareholder would have received if they had sold their shares on the open market.
NAB warns its shareholders that accepting an offer like this could mean they suffer a financial loss.
Shareholders are urged to check the current market price of their shares, or speak to a licensed financial adviser before they accept any offer. “While NAB strongly objects to the approach of companies like Hassle Free, they aren’t legally prevented from making unsolicited offers”, said NAB Group Company Secretary, Michaela Healey.
“We urge any shareholder who receives a letter from Hassle Free to check the market price of NAB’s shares on NAB’s website or on the Australian Securities Exchange website.
“If you’re not happy with the offer from Hassle Free, you should tear it up and put it straight into the recycling bin”, Ms Healey said.
The Australian Securities and Investments Commission consumer protection website also has tips and advice related to unsolicited share offers.
Reference sites for shareholders:
For further information contact: Felicity Glennie-Holmes Media Relations Manager T: 03 8641 3627 M: 0412 673 038
* The information contained in this media release is for media advice purposes only. The contents are true and correct at time of publishing/issuing, however may change over time. For further information about NAB products or rates, please go to Interest Rates, Fees & Charges