"Show me the money"
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what about the share price not reacting...looks to me still in the balance
All a question of what dividends ZEL directors can now extract out of Ampol in addition to the $3.78 takeover price imo.
High fuel price would be increasing margins and profits, and ZEL is a once in a lifetime opportunity for Ampol to increase its EPS at a knockdown price.
Is it too late for us to whip Ampol's Egg for them and show them what proper under-arm bowling looks like ? ;)
Either they want to buy or not .. at the right money ;)
I see a Yankie chain in the news recently (just 4 outlets here) looking at big expansion coming up in NZ
Don't discount a spoiler bidder coming in to join the party I reckon, and it won't be a Cr*ppy fly blown 3.78
the cobbers over yonder have dug up either ;)
That Circle K chain you are referring to ( well the local franchise of it anyway) came in all guns blazing with lofty predictions way back in 2018...and so far have grown to a massive four sites.. .don't think many will be quivering in their boots with that growth rate...
Really Benny, why not ?
Seems like a match made in .......
https://www.nzherald.co.nz/business/...TMN7LAPPGOYQU/
Interesting as parent company has a market cap of NZ$51 billion.
ZEL, now that it is in the market (so to speak), would be a nice bite size for them (call it $4 billion or less than 10% of their market cap) to acquire and fast track their rollout in NZ with one fell swoop.
Would say Ampol would be aware they have competition.
https://www.stuff.co.nz/business/108723359/circle-k-joins-the-convenience-store-competition-in-auckland
First store in Nov 2018 and then, lockdown March 2020.
I would not read too much into just 4 sites at this stage as they are most probably to trial their offering to NZers, and there have been massive interruptions & disruptions to business activities since beginning of 2020 due to the pandemic.
Yeah fair enough...just seems a stretch to me to open with four sites in 2018, and still only have four sites 3 years later and come out saying we are targeting 100...
They maybe should look at targeting some South Island sites as there has been a lot less disruption down there to gain some momentum.
When is the two weeks extra DD up ?...(I'm lost in a time frozen lockdown groundhog existence and have lost track of the days)
Slowly becoming crunch time in the takeover bid. This bid going ahead or another suitor?
I imagine that the last few weeks action in the oil markets could have potentially had an affect on the deal in a positive way for holders. Am I correct in thinking that the company enjoys better margins with higher oil prices?
Let's not sell this thing short, 3.78 sounding cheaper by the day.
Off 4c today on volume of 2m
Leaky ship?
Long lunch and champagne flowing at Shed 5 ….Z execs local
As long as they don't pay the bill with our divvies 🤣
NZ Herald's stock take :
"Z Energy shareholders will soon find out whether Ampol is prepared to up the ante for the fuel supplier.
In August, Z Energy received a non-binding indicative offer from the Aussie retail fuels company at $3.78 a share.
Late last month, Z Energy advised that the original four-week exclusivity period with Ampol had been extended by a further two weeks, "to enable outstanding matters to be addressed" and to determine whether key terms can be agreed.
"There is no certainty that discussions between Z and Ampol will result in any agreement on a transaction," Z Energy said at the time.
Now, Z Energy expects to provide an update to the market on or before Monday.
The two-week extension suggests behind-the-scenes haggling, and a revised offer price of somewhere north of $4.00 a share is seen in the market as being more realistic.
The conversion of the Refining NZ facility at Marsden Point from a refinery to a terminal - expected to take place in the first half of next year - is understood to have made Z Energy a far more attractive prospect, hence Ampol's interest.
"The market will be looking for a better price," said Mark Lister, head of private wealth research at Craigs Investment Partners.
"My suspicion is that many market participants will view this bid as being a little bit opportunistic, and would like to extract a bit more out of the acquirer."
"There might be a bit more water to go under the bridge on this in terms of negotiations," Lister said. "But from what we see so far, it is far from a knockout blow and I suspect this one will drag on for a bit."
But even at $4.00 a share, Z Energy is still 50 per cent down from its 2016 high of just over $8.
"For long-suffering Z shareholders - who have endured a pretty ugly ride in terms of returns - they would not feel great about a $4.00 bid," Lister said.
The industry's outlook is clouded by the eventual replacement of petrol driven cars by electric vehicles.
"While electric cars are where things are headed, the timeframe for that is debatable," Lister said. "Many would suggest that petrol - and ways to fuel them - will exist for a while yet."
Z Energy comprises some of the former assets of Shell New Zealand and Chevron New Zealand."
Anybody have a sub to the Australian?
"AMPOL eyes NZ service station IPO" published 1 hour ago.
AFR says - It’s down to the short strokes at Ampol and Kiwi counterpart Z Energy, who spent the weekend in back and forth talks to try to iron out a few minor sticking points.
the champagne at Shed5 Friday no doubt celebrating the ‘in principle agreement, while back room guts cross the t’s and dot the i’s
Should be some announcement today, being the deadline for one.
But I doubt there will be anything too definitive yet. Would like to be wrong though.
I'm a long time holder and not that fussed on selling.
Z Energy Board unanimously recommends Scheme of Arrangement - NZX, New Zealand’s Exchange
Z Energy Limited (NZX/ASX: ZEL) (“Z”) has entered into a binding Scheme Implementation Agreement with Ampol Limited (ASX: ALD) (“Ampol”) under which it is proposed that Ampol acquire all the shares of Z by means of a Scheme of Arrangement (“the Scheme”).
Highlights
• Under the Scheme, Z shareholders would receive a cash offer price of NZ$3.78 per share and will also receive the first NZ$0.05 per share of the interim FY22 dividend without adjusting the cash offer price, resulting in overall value to Z shareholders of NZ$3.83 per share.
• If the Scheme has not been implemented by 31 March 2022, the final cash consideration will be progressively increased to reflect FY23 performance, up to a limit of NZ$0.10 per share.
• The Z Board unanimously recommends that shareholders vote in favour of the Scheme, subject to the Scheme consideration being within or above the valuation range specified by the independent advisor and in the absence of a Superior Proposal being made for Z (as defined in the transaction agreement).
• The Scheme is subject to a number of conditions including regulatory approvals from the New Zealand Commerce Commission (NZCC) and New Zealand Overseas Investment Office (OIO).
some really thought they'd get it to above $4... seems they were a bit optimistic and $3.78 (give or take a few cents) was really the highest offer Z could extract.
Holders should be happy, they've still got a massive get out of jail card presented to them.
Can only hope another suitor turns up with a better offer.
I'm glad I got my mate to check out the Z Exec dining room Shed % on Friday ...saw the champagne ..... made for a good weekend to know the takeover was happening
There was enough nervousness on Friday for a few nervous holders to bail out at $3.38 so the all up $3.83 is a pretty good price - 45c or 13.3%.
And it’s a 32% gain for those who participated in the $350m CR last year.
Free up the money and put it into a sunrise industry.
Cmon Shell you know you can do it, last chance, 4.20 will do it.
Well I'm underwhelmed....