to this share buyer
You have a small parcel of shares that you have inherited and want to sell, or perhaps you purchased the shares some time ago and you are disappointed with their performance during the recession.
But then, out of the blue, you receive through the post an offer from Stock and Share Trading Company Pty Ltd to take the shares off your hands. They are offering hard cash that will be like a windfall for you.
The offer is official in appearance and carries a statement from the Financial Markets Authority. You read through some of the fine print and notice that they are offering to take all your unwanted shares at a discount, but without any brokerage fees.
I received an offer from Stock & Share Trading for $1.00 a share for my Steel & Tube Holdings shares which are currently trading at $2.16 a share.
Under the sub-heading Offer Dates, shareholders are informed that the offer is for a limited time only and may even close earlier if the buyer receives acceptances for 500,000 shares. The inference is that shareholders should act promptly or risk missing out on a once in a lifetime opportunity.
As a small-time share market investor who makes a dozen or so buy or sell transactions a year, I knew the value of my Steel & Tube shares, and I also knew that selling them to Stock & Share Trading Company would be a major blunder. I also knew that readers of my blog should know about the activities of Stock & Share Trading Company.
I Googled Stock & Share Trading Company and found that the company’s sole director and shareholder is one John William Armour.
According to Terry Hall, writing in Fairfax Media, Ned Kelly no longer wears body armour and carries a rifle. His latest personification, Adelaide lawyer John William Armour, simply posts loads of letters to Kiwis every year offering to pay us a fraction of what our shares and bonds are worth.
While this is not illegal, it is unscrupulous. His success depends on taking advantage of widows, beneficiaries and others who lack financial knowledge: unworldly innocents who accept at face value his misleading official-looking offers for their shares and bonds.