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4 August 1995
News release
Philadelphian Marketing Investment Enterprise Limited - advertisement prohibited
The Securities Commission, acting under the authority of section 44A of the Securities Act 1978, has made an order prohibiting the distribution of the advertisements of Philadelphian Marketing Investment Enterprise Limited ("PMIEL"). A copy of an advertisement of the company is attached.
The Commission was of the opinion that this advertisement contained or referred to an offer of securities to the public for subscription and did not comply with section 33 of the Securities Act 1978. This requires such an offer to be made in, or accompanied by, a registered prospectus or in an "authorised advertisement".
PMIEL has its registered office in Taupo but appears to be operated from Huntly. It has recently been promoting investment in Kaikohe. The Managing Director of the company is Agnes Te Huai.
Members of the general public are advised to exercise caution before paying or committing money to PMIEL.
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