We have acted for numerous clients in defending claims brought by notorious share market raider David Tweed through his company Direct Share Purchasing Corporation and have achieved satisfactory outcomes in all instances.
Mr Tweed’s modus operandii was to require companies to provide a list of their share registry, which until recent law reforms they were required to provide. He then mails out low-ball offers to purchase shareholders’ shares or units at around 50% of their market value. Usually a fraction of the offerees will accept and Mr Tweed will make an immediate 50% profit by his acquisition.
In the event that shareholders realise they have not received full value and refuse to authorise the transfer after signing the initial acceptance form, Mr Tweed’s current practice is to issue letters of demand then Magistrates’ Court proceedings for the full amount of the value of the shares.
Should you be facing a claim from Mr Tweed’s Direct Share Purchasing Corporation we recommend you contact James Matthies of our office as soon as possible after being served with legal documentation.