Published 5 February 2010
The Securities Commission has banned a document offering shares in Inertialess Drive ZPE (2010) Ltd (Ken Pedlar, Mt Maunganui) because no prospectus has been registered and there’s no investment statement.
It’s rotor technology inventor Mr Pedlar’s third ban – the first was in 1998, when the company was Inertialess Drive Technologies (1995) Ltd, the second in 2000, for Inertialess Drive Corp Ltd. Each time the ban has been for an unregistered prospectus. Inertialess Drive’s share register disclosed that 1200 people had paid more than $6.8 million for shares between October 1998-March 2000.
The Securities Commission said in a release yesterday it understood offer documents were sent to people who responded to advertisements by the company in the Bay of Plenty Times in December. I saw the ads in the NZ Herald, seeking a response from people who’d responded to earlier Inertialess offers.
26 September 2000: Inertialess Drive ban
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Attribution: Commission release, story written by Bob Dey for the Bob Dey Property Report.