Sharemarket raider David Tweed has targeted Insurance Australian Group (IAG) for the third time, launching another unsolicited offer for the insurer’s shares.

His National Share Purchasing Corporation (NSPC) is offering shareholders $8.10 per share paid out over 18 annual installments of 45 cents per share. In other words, shareholders selling to NSPC won’t receive their final payment until 2023. 

IAG Group Company Secretary and Head of Investor Relations Anne O’Driscoll says an offer payable over such a long time “should be viewed with caution, given the time value of money, the lack of any security… and potentially adverse tax consequences”.

“Shareholders who accept the offer may be treated for tax purposes as having disposed of their IAG shares now even though they will not receive final payment for 18 years.”