(SMH) - Some small shareholders are angry at how little time they were given by Treasury Wine Estates to respond to its retail entitlement offer to help pay for the $754 million acquisition of the Diageo wine business. They say it's typical of the arrogance shown by directors generally towards retail shareholders.

The retail entitlement offer of new shares on a 2-for-15 basis closed on November 4, and allowed only eight business days for shareholders to return their paperwork after the offer booklet was mailed on October 23 to shareholders of Treasury, which makes brands including Penfolds, Wolf Blass and Seppelt.

Those eight days included a public holiday in some states, and in New Zealand. The offer was priced at $5.60 per share, and Treasury shares are currently trading at around $7.26.

'No consideration' for small shareholders

Neil Cottle, a long-standing shareholder of Treasury and of its predecessor Foster's Group, said those who can't transact online are at a serious disadvantage, and Treasury simply hasn't allowed enough time for people to receive documents, consider them and return them before the deadline.

Mr Cottle, based in Dunedin in New Zealand's South Island, said he has a range of shareholdings in various listed companies and he is furious at the tight timetable.

"The directors are giving no consideration at all to small shareholders," he said.

Mr Cottle, who built up the Auto Court vehicle sales business in Dunedin, said he was experienced in financial markets, but he was speaking out because many other people will have been put in a difficult position by the short timeframe for the whole process.

"This is the worst example of it I've ever seen," he said.

Sydney-based shareholder Jennifer Grimwade had similar feelings.

"It's disrespectful to shareholders," she said.

"This to me is not right. It's the same old story that institutional shareholders get the best deal," she said.

She has also been a long-term shareholder of Treasury, and Foster's Group before it.