No pun intended to anyone, but this buy back of shares is a joke when they are diluting it by issuing 3 times more shares. Are they going to buy back 1 million shares or 10 million? Cant be bothered to check. Still a value buy!
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No pun intended to anyone, but this buy back of shares is a joke when they are diluting it by issuing 3 times more shares. Are they going to buy back 1 million shares or 10 million? Cant be bothered to check. Still a value buy!
Approved to buyback 10million
Could not get all this to come through.It is on Upstreamonline.com
Check it out.
New approach: New Zealand will offer about 25 blocks in its first licensing round since announcing changes to its permitting system
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NZOG Chief Executive Andrew Knight says "John has been consulting to NZOG for
some time and most recently helped us with our expansion into Tunisia. I am
very pleased to have someone with his knowledge and experience join us
permanently. John will be a key member of the senior management team at NZOG
and I expect him to contribute strongly to the company's future success."
LOOK FORWARD TO THAT WITH BAITED BREATH!
I see others have not missed young Andrew's lollies:
http://www.stuff.co.nz/business/indu...s-share-option
Sadly I think the vote will likely go in Andrew's favour because the majority of NZO shareholders are small-holders who are not sufficiently motivated to vote against (if they required a >50% turnout from shareholders it would be different I'm sure). This means it will be passed by the instos who, for whatever reason, will be supportive. I have no objection if the strike price was $2 per share because then everyone wins and the CEO really will have to earn it. However, but $1 is far too low. Over the next 5 years NZO shares are bound to range above $1 for various reasons not connected to the CEO's performance. That leaves little incentive for him to work too hard for us. There are far too many lollies being dished out by this company. It's been nearly 10 years since anyone added real value to the company (ie, discovery of Pateke). We have to get back to wildcatting mentality instead of this nest-feathering.