New lowball share offer for Vector holders

Vector shareholders are being targeted by a new lowball share offer.

The unsolicited offer is from Australian based company, Stock and Share Trading.

Vector Chairman Michael Stiassny says it's ridiculous these offers continue to come in.

"They're offering $1 per share, as of yesterday we were trading at $2.87, so it's 65 percent below market."

He says currently it's not illegal for these offers to be made and changing the law is the only way to stop it.

"I don't believe that it should be up to us to try and ensure that the market and the shareholders are aware that this offer is so below price. We'd rather manage and run the business rather than keep spending time saving shareholders from this type of action."

Michael Stiassny says last year over 300 Vector shareholders responded to an unsolicited share offer and sold their shares for well below the market value.

The offer from Stock and Share is for $1.00 per share but Vectorâ s shares are trading around $2.85 today.

Photo: Michael Stiassny (NZ Herald)