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FMG alert on unsolicited offer

Fortescue Metals Group Ltd has alerted shareholders of an unsolicited offer to acquire shares from Hassle Free Share Sales Pty Ltd, a fortnight after the same company approached Woodside Petroleum Ltd.

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Comments

Buffalo, New York
Dear sir/Madam: Okay, I give up !!! I am a virtual rookie at stock purchases, although a multi year follower but; this takes the cake !!! Why, unless the guys had nothing else to do, would you offer a price 1/2 of what a stock is selling for, to existing shareholders? Someone, Please reply to this question, so that I might learn this new tactic . Thank you. Mickey from Buffalo

Mickey, Its a scam of sorts. The company Hassle Free Share Sales Pty Ltd targets people who dont keep up to date with share prices. So lets say Bob bought into FMG 2-3 years ago for around $2. Then out of the blue Bob gets a letter from Hassle Free to buy his shares for $4. They say they'll do all the paper work, will waiver any brokerage fee, pay for any tax incurred from the sale etc. Which sounds great. Since Bob hasnt checked how FMG has been doing recently he thinks he is making double his money. But unbeknownst to him, he is selling way below the market value.

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