The Australian Securities and Investments Commission (ASIC) has stopped a share trading company from making offers for AMP and Axa Asia Pacific Holdings shareholders.

Hassle Free Share Sales made approximately 90,000 unsolicited offers to AMP and Axa shareholders between July 1 and September 3 this year to buy shares at a discount to their market value.

ASIC cited an example of a Hassle Free offer that valued 641 Axa shares at $1589.68 instead of their market value of $3448.58.

The regulator has issued the stop order because the offer documents had misleading or deceptive statements and were not worded clearly.

It also expressed concern the offers are being made to investors who received their shares when the two former mutual companies demutualised in the 1990s. It says many of these investors have little idea of the true value of their shares or how to dispose of them.

Deputy Chairman Belinda Gibson says the regulator is taking a tough line with low-price unsolicited share offers.

“ASIC wants to stamp out this dubious practice and will act to stop these operators when we think the law has been broken,” she said.