NZ Oil & Gas (NZO)

[Chippie]

questions have been put to independent directors.

http://makethemaccountable.com.au/wp...TTER_10.24.pdf

This is an excellent letter. Thanks for making the considerable time to write it. Great work!

[blackcap]

This is an excellent letter. Thanks for making the considerable time to write it. Great work!

Hi Chippie, for the record, it is not my letter. The site is owned and operated I believe by James Dunphy. But yes he has produced some excellent work. I was just posting a link to his site which is open to view.

Hope that clarifies any confusion. (your post could be interpreted that I wrote it, but I presume you meant thanks to James for writing it)

By the way, I see the meeting is still on. NZO have not yet called off the meeting. Wonder how late it will be before they call it off. If they do not call it off I will be attending.

[Marilyn Munroe]

A report which twists the facts to support the narrative only has value if the recipients of the report are convinced by it

If you are a rascal director who wants to pull the wool over minority shareholders eyes who are you not going to call?

Boop boop de do
Marilyn

[blackcap]

No worries I have done that now.

[Lion]

mistaTea, you may be able to clarify this, but isn't there still a possibility of votes being cast at the meeting that could still pass the SoA? And, I believe people could attend the meeting and change their existing postal or internet vote - isn't that right? Is that why they still haven't cancelled Thursday's meeting? I can't believe this awful SoA could pass now, but if it is at all possible - well, stranger things have happened.

Thanks, blackcap.

[mistaTea]

It is theoretically possible for the SOA to pass on Thursday.

As at the last count there were enough AGAINST votes to block the SOA (even if they miraculously achieved a 100% turnout).

However as you point out - minority holders who turn up on Thursday can change their vote.

But of the roughly 13 million votes, I know of about 8 million at least that would def not vote FOR.

That means OGOG would need over 24 million to get the deal done. So if 5 million changes their vote to FOR (13 - 8 = 5) they would have about 14 million votes.

Additional shareholders who collectively own 10 million shares would have to come out of the woodwork on Thursday and all vote FOR in order for the SOA to go ahead in this highly unlikely scenario.

So the deal is dead in the water in reality. But because it is theoretically possible that the deal could still go through, and as this is a court supervised process...the meeting still has to happen.

[tim23]

Well done on making this takeover sticky - we have modest holding but I object to being fleeced and happy to take a punt on outcome of exciting prospects.

[Lion]

Thanks, mistaTea.
I'd be very surprised if the SoA passes now, but I see why they can't cancel Thursday's meeting.
I'd love to hear some of the private conversations at NZOG head office these days! And communications with OGOG.

[digger]

Have booked my flight to be at tomorrows meeting. Bit of a bugger to have to go but them is the breaks. Supect it could be short and sweet.

Who else is going? So far looks like Wiremu,Blackcap and me.

[Sideshow Bob]

Latest announcement on the SOA. Can't see it going through.....

https://www.nzx.com/announcements/344229

13/11/2019, 9:54 amTRANSACT

This announcement provides shareholder voting progress figures for the scheme of arrangement with O.G. Oil & Gas (Singapore) Pte. Ltd. (OGOG). The scheme will only proceed if 75% of the votes cast by minority shareholders (shareholders other than OGOG) are in favour of it.
As at 5pm last night, 12 November 2019, 1,215 shareholders had voted, representing an aggregate of 55.3 per cent of the 49,568,152 votes exercisable by the company's minority shareholders.
793 shareholders have cast votes in favour of the scheme. 350 have voted against.
The following table provides a break-down of voting by minority shareholders, who represent in total 30.1% of all voting rights in the company:
Number of votes % of votes cast % of all voting rights in company
For 10,033,441 36.63 6.10
Against 13,801,880 50.38 8.39
Discretionary 3,559,138 12.99 2.16
The For and Against voting figures above reflect the postal/electronic votes and directed proxies received. Additionally, a shareholder who has appointed a proxy or cast a postal/electronic vote may nevertheless attend the meeting in person and vote as they see fit. The voting figures in the table above are therefore subject to change.