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  1. #16871
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    Quote Originally Posted by Marilyn Munroe View Post
    Major(ultimate) shareholder Mr Ofer has other investments in oil and gas services and cruise lines.

    Both these industries have been severely affected by recent events. Mr Ofer may turn over his sofa cushions looking for cash.

    Boop boop de do
    Marilyn
    Hope so.
    Quickest and clean way to access cash is for OGOG to make a standard takeover offer to take ogog to over 90%.
    An offer in the mid-sixties plus 2 cue shares for each NZO would cost around $40 million but give ogog more than $80 million in cash plus heaps more.No liquidation costs and no redundancies.
    A win - win situation and equitable outcome for all.
    To be successful they have to move forward and take advantage of the moment(I suspect ACC and most of the other big holders would accept this offer now to take advantage of compensatory buying depressed stocks)

  2. #16872
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    If management really are able to find a producing gas asset that is available for purchase below intrinsic value...I am keen for them to borrow at the current low rates and buy a meaningful equity stake.

    Beyond that, reduce management expense as we wait for Ironbark. Drill it, and then go from there.

    Liquidation very much on the cards if Ironbark fails and we have not been able to acquire said producing asset for a bargain.

  3. #16873
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    Quote Originally Posted by mistaTea View Post
    If management really are able to find a producing gas asset that is available for purchase below intrinsic value...I am keen for them to borrow at the current low rates and buy a meaningful equity stake.

    Beyond that, reduce management expense as we wait for Ironbark. Drill it, and then go from there.

    Liquidation very much on the cards if Ironbark fails and we have not been able to acquire said producing asset for a bargain.
    Your on to it with that post. My thoughts exactally. It would show a lack of ability and contempt for their roles as directors if they do not respond to this once in a life time depressed busines environment given the cash pile.

    So yes we need to hear from the company on what they are thinking.Some companies are reducing their directors pay by 30%. If our directors have thought up no plans ,maybe a 60% pay cut is reasonably in order.
    digger

  4. #16874
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    Quote Originally Posted by blackcap View Post
    I too would like to see the CUE shares distributed in specie. That way we the NZO holders can do with them what we will. Keep them for increased Ironbark exposure or sell for cash. Good point re the $20m in escrow. If we want to retain the NZO shares and Ironbark drill we will need the money to drill it. The rest definitely distribute to shareholders.
    As for management and other expenses, they are exorbitant, especially for what is effectively a portfolio holding company with 2-3 investments at best. But will the NZO board listen?
    Did the same years ago with PPP and when they went xi the shares stayed the same about 40c from memory and PPP were worth 5c

  5. #16875
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    Quote Originally Posted by digger View Post
    It would show a lack of ability and contempt for their roles as directors if they do not respond to this once in a life time depressed busines environment given the cash pile.
    Yeah, if all of these opportunities for undervalued gas assets really do exist (entirely possible if companies with weak balance sheets are desperate enough to sell)... well then NZOG should be borrowing as much money as they can get their hands on to start buying up large.

    Money is ridiculously cheap, and there should be no issue borrowing money with the government backing 80% of loans at the moment.

    Otherwise, if these opportunities are not actually available for us and not much is going on between now and Ironbark, I think the decent thing to do would be to reduce fees and salaries for the rest of 2020.

    But as they say: wish in one hand, sh1t in the other - see which one fills up first!

  6. #16876
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    I see James Dunphy's letter has reached Tim Hunter at the NBR:

    https://www.nbr.co.nz/story/investor...ion-nz-oil-gas

  7. #16877
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    Quote Originally Posted by blackcap View Post
    I see James Dunphy's letter has reached Tim Hunter at the NBR:

    https://www.nbr.co.nz/story/investor...ion-nz-oil-gas
    Maybe James Dunphy is hoping that his letter which highlights the low SP relative to assets controlled will stimulate some interest in the company and lift the SP.

    Surely he must realise that it is impractical to start the liquidation process now without jeopardising the Ironbark drill.

  8. #16878
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    Quote Originally Posted by mistaTea View Post
    Maybe James Dunphy is hoping that his letter which highlights the low SP relative to assets controlled will stimulate some interest in the company and lift the SP.

    Surely he must realise that it is impractical to start the liquidation process now without jeopardising the Ironbark drill.
    I am not sure what James Dunphy is hoping. I have not seen him on the register, unless that has changed recently, so he seems to be putting in a lot of resource and effort for little? reward.

  9. #16879
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    Quote Originally Posted by blackcap View Post
    I am not sure what James Dunphy is hoping. I have not seen him on the register, unless that has changed recently, so he seems to be putting in a lot of resource and effort for little? reward.
    Self-publicity perhaps. It would be appropriate in the NBR article if they stated how many shares were owned by the shareholder they are publicising - poor and self-serving journalism that they didn't.

    Also relevant that James' brother is the major shareholder in Greymouth Petroleum.
    Last edited by Wiremu; 12-05-2020 at 09:39 AM.

  10. #16880
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    Disturbing news on Bloomberg about the possibility of an LNG price war similar to the current oil situation.


    "(Qatar), the world’s biggest exporter of liquefied natural gas may soon face a stark choice: curb output or ignite a battle for market share that has the potential -- just as in the oil market -- to turn gas prices negative."

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