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Rakon warns NZ investors following unsolicited offer

Rakon warns NZ investors following unsolicited offer

High-tech firm Rakon is advising shareholders against accepting an “unsolicited offer” from trading company Zero Commission, who has approached small investors regarding stocks.

High-tech firm Rakon is advising shareholders against accepting an “unsolicited offer” from trading company Zero Commission, who has approached small investors regarding stocks.

According to a company statement on the New Zealand stock exchange, Zero Commission has provided written notice that it intends to make an offer to selected small shareholders in Rakon who are New Zealand registered and hold between 1 to 9,000 ordinary shares in the company with an offer to buy their shares for $0.31 per share.

Opening on January 22, the Proposed Offer will close on close on February 26 with Zero Commission indicating its intention to make an unsolicited offer on the same or similar terms within six months of the original offer.

“The Board of Rakon advises that it does not endorse the Proposed Offer,” a company statement reads.

“The offer price of $0.31 per share is approximately 11% less than the $0.35 per share market price for Rakon shares at the close of trading on 19 January 2015.”

Rakon suggests that shareholders who receive an offer letter from Zero Commission:

• Read the Zero Commission disclosure document and terms of the offer carefully;

• Seek independent financial and/or legal advice if they are uncertain about the offer; and

• Check the most recent market price for Rakon shares (www.nzx.com/companies/RAK).

Unsolicited share offers like the Proposed Offer are regulated by the Financial Markets Conduct Act 2013 and the Financial Markets Conduct Regulations 2014.

Shareholders are under no obligation to accept such unsolicited share offers and, if they do accept, they have the right to cancel their acceptance within 10 working days of acceptance.

“When considering Zero Commission’s offer, shareholders should be aware that they are likely to be in the position of being an unsecured creditor of Zero Commission during the period between their shares being transferred to Zero Commission and receiving full payment from Zero Commission,” Rakon adds.

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