IAG comments on unsolicited offers to buy IAG shares
17/05/2002IAG comments on unsolicited offers to buy IAG shares
Manager
Company Announcements Office
Australian Stock Exchange Limited
Level 4, Exchange Centre
20 Bridge Street
SYDNEY NSW 2000
Fax: 1300 300 021
FOR IMMEDIATE RELEASE TO THE MARKET
Insurance Australia Group Limited (IAG) today announced it was not involved or associated with the National Exchange Pty Limited offer to buy IAG shares. National Exchange Pty Limited has recently made offers to some IAG shareholders to buy their IAG ordinary shares.
IAG Chief Executive Officer, Mr Mike Hawker said IAG does not authorise or support these offers in any way and they are in no way related to the recent announcement that IAG intends to launch a Buy-back for IAG ordinary shares.
"National Exchange Pty Limited has been accessing the personal information of our shareholders from the public share register and offering to buy their IAG shares for around $2.00 per share," Mr Hawker said.
"Given that the IAG share price has recently been trading around the $3.40 mark, this offer significantly undervalues IAG shares and any shareholder who sells at this price will be doing so at a significant financial disadvantage.
"We would encourage every shareholder who receives an unsolicited offer from National Exchange Pty Limited or any other company, to seek independent advice and compare the offer price to the prevailing market price before considering whether to accept the offer," Mr Hawker said.
Mr Hawker said the attached letter had been mailed to all IAG shareholders informing them of the situation.
For more information about National Exchange Pty Limited's offer, shareholders can contact the IAG share register hotline on 1300 666 635 or access the Australian Securities and Investment Commission's website, www.asic.gov.au
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