Mystery bidder makes low-ball offer for Strategic investors

Australian-based Stock & Share Trading Company Pty Ltd is pitching to Strategic investors on a "first come, first served" offer to buy their debentures for 15 cents in the dollar. That's only 5 cents better than the last offer by Christchurch-based Marchmont Securities Trust in January that prompted a warning note from the Securities Commission and a letter of apology from Strategic's former chief executive Kerry Finnigan.

The regulator declined to confirm or deny whether they had received any complaints about the offer.

Receiver John Fisk, of PricewaterhouseCoopers, said the offer was a speculative one, and encouraged investors to seek independent financial advice before responding to the offer. He said they are continuing to work through the Strategic receivership, and would hopefully complete their first report by the end of the month.

"There are two unknowns at the moment which we are working through, and those are the amount and timing of any payments," he said.