Menu
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.


Follow Us

Join the newsletter!

Or

Sign up to gain exclusive access to email subscriptions, event invitations, competitions, giveaways, and much more.

Membership is free, and your security and privacy remain protected. View our privacy policy before signing up.

Error: Please check your email address.

Tags rakonNZX

Featured

Slideshows

Reseller News Platinum Club celebrates leading partners in 2019

Reseller News Platinum Club celebrates leading partners in 2019

The leading players of the New Zealand channel came together to celebrate a year of achievement at the annual Reseller News Platinum Club lunch in Auckland. Following the Reseller News Innovation Awards, Platinum Club provides a platform to showcase the top performing partners and start-ups of the past 12 months.

Reseller News Platinum Club celebrates leading partners in 2019
Reseller News hosts alumnae breakfast for Women in ICT Awards

Reseller News hosts alumnae breakfast for Women in ICT Awards

Reseller News hosted its second annual alumnae breakfast for the Women in ICT Awards in New Zealand, designed to showcase the leading female leaders in the industry. Held at The Cordis in Auckland, attendees came together to hear inspiring keynotes and panel discussions, alongside high-level networking among peers. Photos by Gino Demeer.

Reseller News hosts alumnae breakfast for Women in ICT Awards
Reseller News Innovation Awards 2019: meet the winners

Reseller News Innovation Awards 2019: meet the winners

Reseller News honoured the standout players of the New Zealand channel in front of more than 480 technology leaders in Auckland on 23 October, recognising the achievements of top partners, emerging entrants and innovative start-ups.

Reseller News Innovation Awards 2019: meet the winners
Show Comments