Tweed in bid to prise open Wesfarmers register

NOTORIOUS share trader David Tweed has launched legal action against Wesfarmers to pry open the conglomerate's register.

Mr Tweed, who is famous for offering to buy shares for a fraction of their actual value, is believed to be back in Australia mounting one last effort to scoop up cheap shares before changes to the law kill his business.

Legislation that would allow companies to refuse raiders such as Mr Tweed access to their share registers was introduced into Federal Parliament earlier this year but did not pass before the election was called.

It may be another six months before the legislation passes both houses of Parliament.

On Tuesday, through his company Direct Share Purchasing Corporation, Mr Tweed filed a Federal Court application to force Wesfarmers to open up its register.

Mr Tweed alleges Wesfarmers has contravened the Corporations Act by failing to provide lists of members who hold fully paid ordinary shares and partially protected ordinary shares.

Wesfarmers should be ordered to supply the lists ''in electronic form such that the data comprising those parts of (the) register is readable,'' the application says.

Mr Tweed's application was prepared by EC Legal, a firm associated with debt collection agency eCollect. EC Legal could not be reached for comment.

Wesfarmers general counsel Paul Meadows declined to comment because the company has yet to be served with the application.

But the company has previously warned against accepting unsolicited low-ball offers, writing to shareholders in August 2008 to warn of an offer from Hassle Free Share Sales.