Melbourne stock market raider David Tweed has purchased a copy of IAG’s share register and is believed to be considering making an unsolicited share offer.

It’s not the first time IAG has been targeted, but this time the insurer has warned its shareholders that Mr Tweed – through his company National Share Purchasing Corporation – may be preparing to launch an offer.

IAG Company Secretary and Head of Investor Relations Anne O’Driscoll says IAG was obliged by law to provide a copy of certain information from its share register to National Share Purchasing Corporation.

This information included shareholders’ names, addresses and the number of shares held.

“The Corporations Act allows anyone to inspect certain details on the corporate share register and, subject to certain limitations, to contact shareholders in relation to their shares,” Ms O’Driscoll said.

National Exchange acquired the IAG register on two previous occasions – in January 2003 and May 2002. Although IAG says it wrote individually to shareholders on both occasions, thousands accepted the offers even though they were for less than the market price of the shares.

The Australian Securities and Investments Commission has tried to regulate to require firms making off-market share purchase offers to disclose the market value of the shares.

But Mr Tweed has tried to beat the restrictions by offering to buy shares for above market value that are paid out over a number of years.

Ms O’Driscoll says recent unsolicited offers by Mr Tweed’s company have offered above market value, but to be paid out over a number of years in installments. “This means shareholders are taxed on the full consideration in the year they agree to sell their shares, even though they won’t receive their money in full for some time.”