ASIC has moved to prevent a superannuation fund from making unsolicited share offers to buy Stockland shares.
Mardel Services, a trustee for M&M Investments Superannuation Fund, offered investors the opportunity to buy Stockland Corporation and Stockland Trust stapled securities.
"ASIC was concerned that the offers did not identify Mardel Services as the offeror, and did not disclose the market value of the stapled securities as at the date of the offer or the offer price per stapled security," the regulator's statement said.
ASIC also found that terms and conditions set out in the offer were presented in a manner that may have undermined their significance.
Mardel Services informed ASIC it would not make any further unsolicited offers.
ASIC has also encouraged the company to write to its members, outlining ASIC's concerns as well as the opportunity to request the return of their securities.
The offers were made between May and June 2007.
ASIC stopped the order on July 5 2007, following an interim stop order on June 28 2007.
