Ripe for takeover now wind it up nice little gain to be had I reckon
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Ripe for takeover now wind it up nice little gain to be had I reckon
Can't see Zeta in NZO's top 20. Biggest shareholder of NZO is 'JPMorgan Chase Bank NA NZ Branch - NZCSD' who hold 16.6%
I think Peat means that over 20% of Zeta Resource's portfolio is in the form of NZO shares and or bonds/options... unless Zeta operate through JP Morgan assuming they are a nominee holder for Zeta (which would surprise me a bit).
Ref http://zetaresources.limited/portfolio/
Thanks Vaygor1, I see from their Annual report that they have $82m USD of gross assets and if NZO comprise 25% of them that makes it about $28m NZD of NZO shares. At todays price that makes it about 44m shares or about 13.5% give or take a few percent either way. (the gross assets figure was from the 2016 Annual and could have changed since then) Thanks for clearing that up.
Yes agree that they are not listed in the 20 Top Shareholders in the latest Annual Report
But that report also says
"According to the company’s records and Substantial Product Holding Notices previously released to NZX, as at 30 June 2016, the only substantial productholder in the company was Zeta Energy Pte Ltd with a relevant interest in 67,605,896 Listed Ordinary Shares or 20.12% of the total number of Listed Ordinary Shares"
So if anyone wants to explain that apparent contradiction, I'm all ears.
Don't confuse Top 20 Shareholders list with Substantial Shareholders notices. The explanation probably lies in the fact that Zeta Energy's shares are held in various nominee ( shareholder) names. The "Top 20" merely records where shares are registered.
That does not make sense either because if they got over 20% would that not have triggered a take over?
macduffy, thanks, that makes a lot of sense, a lot of different holdings all over the show... good obfuscation :)
Either way though this does make NZO a difficult take over target as there is a potential huge blocking stake.... or Zeta would have to be the one doing the takeover... how much cash do they have floating around?
Interesting Peat.
Seems a bit weird doesn't it. Almost as if Zeta was accidentally left off the Annual Report's top 20 shareholders list.
Zeta not holding via JP Morgan Chase Bank by the looks as they get a separate mention in the Annual Report just after your quote.
I'll look into it.
Please provide more info on this too if it comes to light. I'll do the same.
It appears it was Zeta that sold a large number of their shares (circa 15 million?) in the 40 million share NZO buyback that took place from 13-16 September last year. As such Zeta's actual holding went down by 15 million (although the 15 million could have been sold over time before the buyback I suppose) yet their percentage ownership went up due to the reduction in 40 million issues shares.
Ref https://www.nzx.com/companies/NZO/announcements/290082
Note Mr D Saville, NZO Director since November 2014 is also a director of Zeta Energy Pte Limited who is the registered holder (and a subsidiary of Zeta Resources).
Disc: Holding NZO
Tui sold by NZO!!
Possibly, but I doubt it in this case MacDuffy as Zeta don't hold via the biggest on the list or so it appears (JP Morgan at 16%) and the 2nd on the list holds only 5%.
A few but not many shareholders on the top 20 are nominee entity just looking at them and the 20th shareholder (ACC) only owns 0.5%
Just seems a stretch for Zeta to get to a 21.2% holding as per their last SSH notice on 30 September. https://www.nzx.com/companies/NZO/announcements/290082
Happy to be corrected/clarified of course.