Following recent attempts to purchase IAG shares, Melbourne stock market raider David Tweed has been making offers to Axa Asia Pacific Holdings investors.

Mr Tweed has sent so many letters of offer that the company has issued a warning to shareholders about his activities.

Two weeks ago Sunrise Exchange News reported that a company associated with Mr Tweed, National Share Purchasing Corporation, had targeted IAG but now it seems Axa Asia Pacific Holdings is also on his list.

The company said three types of offers are being made and two of them are below the market value of the shares.

The third offered $7.20 per share, which was above the market value of about $4.60, but the payments would be made in 24 annual instalments of about 30 cents a share.

Mr Tweed’s company has been found guilty in the past of engaging in misleading and deceptive conduct in its offers to shareholders.

The Australian Securities and Investments Commission 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 through offers that are above the market value and paid out over a number of years.

Axa Asia Pacific Chairman Rick Allert said shareholders should be very wary of any offer from the company associated with Mr Tweed.

“An offer payable over 24 years is ridiculous,” he said. “It must be viewed with extreme caution, given the time value of money, the lack of any security and potentially adverse taxation consequences.”

Mr Allert said shareholders were not being offered any security by National Share Purchasing Corporation to back its obligation to make instalment payments over 24 years.