Originally Posted by
Lion
Ironbark, the potential company maker, may have become the company breaker. (No one’s fault - who knows when that gas escaped, thousands or millions of years ago.)
Chairman Andrew’s ‘North Sea of the South’ dream for New Zealand has now fizzled (not his fault either, and kudos to him for dreaming big.)
With the recent surrender of permits, there are now no exciting explorations left in New Zealand or abroad for NZOG.
Kupe looks okay, yes, but it only just pays the overheads.
CUE looks okay, yes.
But overall, NZOG is in a sunset industry and has failed to spend its substantial war-chest on anything useful while oil prices were low and opportunities looked good. Oil seems to be rising and those opportunities are fast receding.
The embarrassing scheme of arrangement attempt showed that the board do not care about the interests of minority shareholders, despite their obligation to look after all shareholders.
Who knows what strategy the majority shareholder, OGOG, has for the company, or if they even have one.
The share price seems to just keep falling. It is now well below Net Tangible Assets and perhaps even below cash held in the bank.
In this dismal situation, what is left for we minority shareholders?
I think only one thing – LIQUIDATION.
Sell Kupe, share out the substantial cash in the bank, share out the valuable CUE shares (they belong to every shareholder after all), pack up the expensive tent of NZOG and its directors and let’s call it a day and all get a good night’s sleep again.
Any thoughts, anyone? Digger??
There’s been no comment since the announcement of the recent permit surrenders on ShareTrader – nothing at all.
Wouldn’t liquidation be a good option for the majority shareholder as well? Or do they have another cunning plan? Any comment from the board?