David Tweed
September 23, 2010
Check out all the latest news on share scoundrel David Tweed, and below is collection of articles over the years, and press releases from ASIC.
ASIC
David Tweed banning - AAT decision
Friday 20 June 2008
ASIC notes the decision of the
Administrative Appeals Tribunal to set aside an order made by
ASIC on 31 October 2006 permanently banning David Tweed from providing financial services.
ASIC takes further action against David Tweed
Thursday 2 November 2006
ASIC takes further action against David Tweed to permanently ban former stockbroker from providing financial services.
ASIC calls for price check on Tweeds low ball Coles Myer offer
Thursday 31 August 2006
CML shareholders were offered $7.50
per share – an amount well below market value – per share from Direct Share Purchasing Corporation Pty Ltd, a
company associated with Mr David Tweed.
ASIC stops flawed takeover by David Tweed for Clime Capital
Wednesday 9 August 2006
ASIC has forced the
withdrawal of a takeover bid proposed to be made by Australian Share
Purchasing Company, a company controlled by Mr David Tweed for Clime Capital.
Underpriced share offer for Investa Properties
Wednesday 12 July 2006
Investa shareholders have been offered $1 per
security – an amount well below current market value – from Direct
Share Purchasing Pty Ltd, a company associated with Mr David Tweed.
Underpriced share offer for AMP shares
Monday 5 June 2006
AMP Ltd shareholders who have received an
offer of $6 per share from Direct Share Purchasing Corporation Pty Ltd, a
company associated with Mr David Tweed.
Share purchasing by David Tweed is unconscionable
Wednesday 7 December 2005
Full Federal Court finds that predatory share purchasing by David Tweed is unconscionable.
David Tweed and National Exchange fail in Onesteel proceedings
Friday 10 December 2004
The
High Court of Australia refused an application by National
Exchange Pty Ltd and Mr David Tweed for special leave to appeal against a judgment involving an unsolicited offer to shareholders of OneSteel.
Appeal by National Exchange and David Tweed dismissed
Thursday 22 April 2004
The Full Court of the Federal
Court of Australia unanimously dismissed an appeal by National
Exchange Pty Ltd and Mr David Tweed involving an unsolicited offer to shareholders of OneSteel.
National Exchange must declare market price
Monday 26 May 2003
'Anybody who now receives an unsolicited offer for their shares from either National Exchange, or Mr David Tweed personally, or any other unlicensed company in which he has an interest, should be able to compare the market value of their shares
with the value of the offer being made to them', ASIC Chairman, Mr David
Knott said.
ASIC takes National Exchange offer to court
Friday 15 August 2003
ASIC took action in the Federal Court against National Exchange Pty Ltd and Mr
David Tweed, its sole director, over concerns that an unsolicited offer to shareholders in OneSteel,
by National Exchange, was misleading and deceptive.
Press
Wesfarmers resists Tweed of 'chequered history'
Ben Butler, SMH, September 22, 2010
New Tweed legal action for access to register
Ben Butler, SMH, September 22, 2010
Tweed in bid to prise open Wesfarmers register
Ben Butler, SMH, September 9, 2010
One last fling for notorious share prowler
Ben Butler, SMH, September 9, 2010
Lowballer David Tweed has eyes on Telstra
The Daily Telegraph, March 24, 2010
Warning: market predators on prowl
Ruth Williams, SMH, May 30, 2009
Tweed offers Incitec Pivot shareholders half-price deal
Blair Speedy, The Australian, June 5, 2008
SBS World News Australia
April 9, 2008.
Transcript of giving David Tweed a serve.
Stephen Mayne:
Well the same old tricks. He's making appalling global offers to
vulnerable shareholders. Praying on their naivety, if you like, and
attempting to make even more millions then the estimated $20-$30 million
he is already worth.
Tackling David Tweed, giving shareholder activists a bad name
Crikey, December 1, 2005.
By Stephen Mayne
Crikey bought the mandatory $500 worth of
shares in Clime Capital yesterday so if sharemarket scavenger David
Tweed decides to call another EGM and show up in a silly outfit, I'll be
able to pop along and join in the fray. Along with Jack Tilburn, this
guy gives all shareholder activists a bad name and he deserves to be
hounded every time he puts his head up in public.
It is not usual
for listed companies to allow the press to film and record shareholder
meetings but Clime's chairman Roger Montgomery clearly decided this was
the best form of attack at this week's AGM against Tweed, who has now
used his 19.9% stake to call three EGMs in an attempt to be bought out
for a profit of almost $1 million.
The interview with Tweed that PM's business editor Peter Ryan put to air on Tuesday night was hilarious and well worth a listen. As Mark Colvin back-announced, "it was a bit like interviewing a brick wall."
Ryan was even pictured in The Australian
holding up a microphone to Tweed as he addressed the meeting, something
I've never seen in hundreds of AGMs. A typical strategy is what Rupert
Murdoch allows, where the electronic media can film his arrival but then
are locked out for the actual meeting.
Tweed appears to have no
shame, but he was clearly uncomfortable in the media spotlight, so maybe
the strategy of calling in the press worked. Check out this photo of
his silly outfit in The Age and go here for an earlier photo of Tweed being confronted by two of the pensioners he'd ripped off with his low-ball offers.
Tweed appeared to vote his stake against Clime's remuneration report but it was still passed with more than 65% of the vote.
This story appeared in The Herald Sun on October 27, 2003
Adelaide
Bank has been asked to explain its dealings with controversial share
dealer David Tweed, amid allegations the bank extended him a line of
credit of up to $10 million.
At the bank's annual meeting on
Friday, chairman Dick McKay was forced to defend the bank's dealings
amid questions from shareholder activist Stephen Mayne.
Mayne
said the bank, through fully owned subsidiary Leverage Equities, had
offered a line of credit of up to $10 million to Tweed, a "notorious
sharemarket scavenger who preys on shareholders to sell their shares for
below market value". McKay confirmed there was a funding arrangement
with Tweed but it had now ceased.
"When the organisation
discovered what ... his underlying transactions were, he was very
quickly invited to close his accounts," McKay said.
"Bear in mind, we can't discriminate who we deal with. We can't discriminate on moral grounds."
The
Australian Securities and Investments Commission has warned against
some offers made to shareholders by Tweed and his National Exchange
Corp. For years, National Exchange, formerly known as Country Estate and
Agency, has made money by writing to Australians and offering to buy
their investments below market value.
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