Result not pleasing, but has it been factored into the SP already.
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Result not pleasing, but has it been factored into the SP already.
Macquarie has retained their $4 12 month price and estimating dividend at 30 cents. If that happens will certainly see big upside. Obviously a few potential variables out there at the moment.
it expects to resume dividend payments after the first half of the 2022 financial year.
Can someone explain how Z's buyback works? Its letter to shareholders mention buying back 612,698 shares at $4,715612. Way above current market value. See letter below:
PROPOSED BUY-BACK OF SHARES
This document is provided to all shareholders in accordance with the requirements set out in section 62 of the Companies Act 1993 (Act).
Z Energy Limited (Z Energy) wishes to make an offer to Z Energy LTI Trustee Limited (the Trustee) to buy back up to 612,698 shares (the Forfeited Plan Shares) which the Trustee is holding and which have been forfeited by employees participating in Z Energy’s Restricted Share Long Term Incentive Plan (the Buyback).
The terms of the Buyback, which will be made under section 60(1)(b)(ii) of the Act (and in accordance with clause 23.2 of Z Energy’s constitution), are as follows:
Z Energy has entered into a Restricted Share Long Term Incentive Plan Put and Call Option Deed (the Deed) with the Trustee. Under the Deed, Z Energy can exercise a call option to require the Trustee to sell forfeited plan shares to Z Energy from time to time. Z Energy wishes to exercise that call option in relation to the Shares;
The Shares will be acquired by Z Energy and held as treasury stock; and the total consideration for the acquisition of the Shares will be $4,715,612 being the outstanding loan balance associated with those Shares, owed by the Trustee to Z Energy.
Board resolutions
To initiate the proposed Buy-back the Board of Z Energy resolved on 3 November 2020:
1. To make the offer to buy-back the Forfeited Plan Shares (Offer) at least 10 working days after a disclosure document has been sent to all shareholders in accordance with section 62 of the Companies Act 1993 (Act).
2. That the acquisition of the Forfeited Plan Shares under the Offer is in the best interests of Z Energy and of benefit to the remaining shareholders.
3. That the terms of the Offer and the consideration offered for the Forfeited Plan Shares are fair and reasonable to both Z Energy and the remaining shareholders.
4. That it is not aware of any information that will not be disclosed to shareholders:
4.1. which is material to an assessment of the value of the Forfeited Plan
Shares; and
4.2. as a result of which the terms of the Offer and consideration offered for
the Forfeited Plan Shares are unfair to the Trustee;
5. That on acquisition of the Forfeited Plan Shares, those shares are to be held by Z Energy as treasury stock
6. That the Board is satisfied that Z Energy will, immediately after acquiring the Forfeited Plan Shares, satisfy the solvency test applied under section 52 of the Act.
The grounds for the directors’ conclusions under the resolutions in paragraphs 2 to 4 above (inclusive) are:
1. the Offer will enable Z Energy to acquire and then transfer the Forfeited Plan Shares on-market without diluting the current shareholding; and
2. the consideration for the Forfeited Plan Shares is the outstanding loan balance associated with such Forfeited Plan Shares.
Interested directors
Julia Raue is “interested” (as that term is defined in section 139 of the Act) in Z Energy making the Offer, by virtue of being a director of each of Z Energy and the Trustee. The details of this interest have been entered into Z Energy’s interests register. However, none of the directors of the Z Energy has any “relevant interest” (as that term is defined in section 146 of the Act) in any of the Forfeited Plan Shares.
Yours faithfully,
Debra Blackett
General Counsel and Chief Governance Officer
Ahgong - it all comes down to this “ the consideration for the Forfeited Plan Shares is the outstanding loan balance associated with such Forfeited Plan Shares”
Sort of implies that they must have acquired Some at a higher price than today
Bit bod a messy housekeeping exercise that often happens in such schemes
Interesting that Pak n Save South Island is discontinuing its Sticky Club discount fuel scheme from the end of November - it's made me loyal to Z for the past few years with up to 35c a litre discount each month. The flier they handed me at the supermarket today claimed it's been "expensive" to run so guess I'll have to look elsewhere to save a bit of gas money.
good fuel volume report from Z TODAY
http://nzx-prod-s7fsd7f98s.s3-websit...981/334759.pdf
with the covid vaccine news jet fuel might bounce back sooner than 22
Or are ppl selling to get out after buying in at the capital raise and seeing no share price movement upwards as might have been expected. Certainly didn’t go the same way compared to Auckland Airport etc
The "fundies" or "instos" seem to be blamed for many things when large volumes are traded.Quote:
Originally Posted by sb9;h855692
So if "fundies are buying up..." who is selling? It's a fair bet that it would only be other "fundies" selling out? Some 'experts' are saying "buy", other "experts" with the same information are saying "sell". How can this be so?
z energy is up 13% last mth so its doing fine still plenty of room in the covid bounce move and we price in the recovery.
fuel volumes back to normal , jet fuel will bounce back at some stage as will dividends .... planets are aligning as they say and who cares about peak oil in 15 yrs time its about now and the opportunity