1493177716352 - Zero Commission offer prompts advice from Spark

Zero Commission offer prompts advice from Spark

Spark has advised shareholders to seek advice and check the company’s share price, before considering selling their shares at a discount.

Auckland company Zero Commission has written to some Spark shareholders who have no more than 1000 shares in the business, offering to buy their shares for $3.34 each.

Spark shares were trading at $3.61 when the market opened on Wednesday morning.

Zero Commission managing director Philip Briggs said small shareholders could avoid brokerage charges by accepting its offer, instead of selling on-market.

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Discount brokers ASB Securities and ANZ Securities have a minimum brokerage fee of $30 for clients who sign up to trade shares over the internet.

They will also process “one off” trades over the phone for $90 to $100.

Briggs said Zero Commission had made its offer to people who had as few as 20 shares in Spark, who would be able “to do the maths”.

Zero Commission would keep its offer open for 30 days, even if Spark shares fell below its offer price, he said.

Shareholders had the information they needed to work out the merits of the offer for themselves, he said.

Spark said in its NZX statement that shareholders should be aware that they were likely to be in the position of being an unsecured creditor of Zero Commission during the period between their shares being transferred to Zero Commission and receiving full payment from the company.

Briggs said that statement was “a little bit silly” given shareholders were in effect unsecured creditors in Spark. “We stand behind everything we do,” he said.

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