Thursday, March 17, 2011

Bernard Whimp is NOT a leech -

Investors are being warned of a fresh round of "shocker" low-ball share offers from companies linked to trader Bernard Whimp.

TrustPower and DNZ Property Fund are warning shareholders off yesterday's unsolicited offers, which are being investigated by the Securities Commission.

In two-page letters, TrustPower and DNZ shareholders are being offered above-market prices for their shares but in the fine print are told they will be paid off over 10 years. They miss out on dividends that would be paid out over that time.


Carrington Securities LP - which bought 2.2 million shares off DNZ shareholders below market price last August, is targeting TrustPower shareholders this time. Energy Securities LP targeted seven large companies shortly after Christmas and is now writing to DNZ shareholders.

TrustPower spokesman Graeme Purches said the offer was a "shocker".

"The worst case scenario is he purchases shares worth $7.17 for $9.40, pays the first instalment of 92c, and then Carrington gets wound up leaving the sellers with the loss of $6.25 per share and no future income from those shares," he said.

I will be blunt.

Bernard Whimp is NOT a leech.

Bernard Whimp is a lamprey eel.


Anonymous said...

Lamprey? Henry I could no doubt give some words of advice from the grave...and he was no wimp.

Very simply, no one in business gives money away. Whimp is merely capitalising on other people's greed and if anyone is tempted by his 'offer' then with a few monents thought they must surely realise that they won't be the ones at the winning end of the bargain. But greed (and fear) drives people to irrational decisions. ("Will this be the week I win Powerball??")

I am unfortunately beginning to believe that NZ is as much a hot bed of scams and profiteering as Lagos. To paraphrase the old saying , "Caveat emptor, ol' buddy".

The probligo said...

"Lamprey" was a case of something particularly ugly (have you seen one?), and bloodsucking. I had an element of parasitism in there as well, but I know that not to be the case. They are not common up north but you did not swim in the Aurere Stream (SW corner of Doubtless Bay). Ever.


Perhaps jigger fly might have been more appropriate.

Anonymous said...

Only seen pics of the ugly bastards, prob.

On the other hand I have seen the effect of the jigger flea (not fly!) on a person. The difference between Whimp and the jigger is that the jigger (it's the female by the way) is only doing what jiggers (female) do. Whimp has made a conscious decision to act unethically.

We need words to describe the 'civilised', professional scammers. Some possibilities:

Madoff (no modification needed!)

"Shit, I was well and truly whimpulated in that deal,eh?"

"Did you hear that poor old Joe was madoffed last week?"

The response of course would be "Well I'll be jiggered."