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  1. #15981
    The past is practise. Vaygor1's Avatar
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    On further reflection, how could the board possibly recommend anything other than to reject the offer?

    In total honesty, I am happy to lose every cent in the event all of NZO's current exploration activities turn out to be complete fizzers because I strongly believe that will not be the case.

    As such, even if today's price was $10 a share I believe I would hold. The Ironbark prospect is too compelling (and exciting) for me to consider selling, as is Barque in the medium-to-long term.

    I'd also be throwing away the enormous amount of time and effort spent analysing this over the years.

    I am staggered at the Board's recommendation to accept.

  2. #15982
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    Quote Originally Posted by Vaygor1 View Post
    On further reflection, how could the board possibly recommend anything other than to reject the offer?

    In total honesty, I am happy to lose every cent in the event all of NZO's current exploration activities turn out to be complete fizzers because I strongly believe that will not be the case.

    As such, even if today's price was $10 a share I believe I would hold. The Ironbark prospect is too compelling (and exciting) for me to consider selling, as is Barque in the medium-to-long term.

    I'd also be throwing away the enormous amount of time and effort spent analysing this over the years.

    I am staggered at the Board's recommendation to accept.
    What we do not know is why they would even think of accepting. But then we do not know a lot of things. As happens all too often after a takeover we find the directors of the takeover company are in various way rewarded for the position taken.
    Yesterday I paid my $145 and joined the shareholders association. I can not stop a lot of people selling into this steal,but as OGOG knows many will. I need the latest knowledge about the takeover code and how it is applies in the courts. After 90% OGOG can acquiry all my shares and the only redress I have is as FISH has pointed out to demand a true valuation on the company. Not the valuation that OGOG has paid a valuator to come up with.
    Anyone with me??
    digger

  3. #15983
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    Looks like a bunch of us are against this. And yes how about John Pagani being up front about all the bonuses/financial rewards etc he/they will get as Westland dairy company got.Talk about impartiality or whats best for investors, this is a very weak position and its fair and right for shareholders to get transparency on that and valuations.

  4. #15984
    Antiquated & irrational t.rexjr's Avatar
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    Jeepers creepers...

  5. #15985
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    Quote Originally Posted by digger View Post
    What we do not know is why they would even think of accepting. But then we do not know a lot of things. As happens all too often after a takeover we find the directors of the takeover company are in various way rewarded for the position taken.
    Yesterday I paid my $145 and joined the shareholders association. I can not stop a lot of people selling into this steal,but as OGOG knows many will. I need the latest knowledge about the takeover code and how it is applies in the courts. After 90% OGOG can acquiry all my shares and the only redress I have is as FISH has pointed out to demand a true valuation on the company. Not the valuation that OGOG has paid a valuator to come up with.
    Anyone with me??
    I will be.

  6. #15986
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    Quote Originally Posted by digger View Post
    What we do not know is why they would even think of accepting. But then we do not know a lot of things. As happens all too often after a takeover we find the directors of the takeover company are in various way rewarded for the position taken.
    Yesterday I paid my $145 and joined the shareholders association. I can not stop a lot of people selling into this steal,but as OGOG knows many will. I need the latest knowledge about the takeover code and how it is applies in the courts. After 90% OGOG can acquiry all my shares and the only redress I have is as FISH has pointed out to demand a true valuation on the company. Not the valuation that OGOG has paid a valuator to come up with.
    Anyone with me??
    Digger now that you are a member-I stopped my subscription after the TTP takeover as I didn't get practical help-can you find out what happens if they don't get 90%.
    Don't forget to check your private messages

  7. #15987
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    What is, of course, mildly amusing is that there were the exact same discussions on the CUE board when NZO came in and made a TO bid offering peanuts to CUE holders.

  8. #15988
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    Quote Originally Posted by fish View Post
    -can you find out what happens if they don't get 90%.
    From what I can tell, the 90% is only relevant if they implement a traditional takeover (which is subject to all sorts of conditions under the Takeover Code - including the 90% rule). Scheme of Arrangement is different, and more favourable to OGOG.

    "Under New Zealand law, a takeover of a widely-held company must be conducted in accordance with the New Zealand Takeovers Code. However, since amendments to the Companies Act were enacted in 2014, schemes of arrangement provide an attractive alternative to an offer under the Code. In particular, whereas a "Code offer" requires that an offeror must obtain 90 percent of the voting rights in the company before it may compulsorily acquire the remaining 10 percent, such restrictions do not apply in the scheme context.


    A takeover by way of scheme of arrangement is not without restriction. Under the amended Companies Act, the arrangement must receive the approval of 75 percent of the votes of shareholders (in each interest class) entitled to vote and voting on the resolution, as well as a simple majority of the shares held by shareholders entitled to vote. Further, the applicant(s) must either file a statement from the Takeovers Panel indicating that the Panel has no objection to an order being made, or the Court must be satisfied that the shareholders of the company will not be adversely affected by the use of the scheme of arrangement provisions rather than the Code."




    I am not really clear on the statement I highlighted in bold... it mentions needing approval of 75% of shareholders in all classes...but then also says just a simple majority of all shareholders entitled to vote?

  9. #15989
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    As at the last quarterly update, they had 60.15cps in cash

    So they value the rest of the company at 0.85cps...…

    50.04% of CUE is worth $33m, or 20.6cps.

    Nuff said.
    Last edited by Sideshow Bob; 12-07-2019 at 12:31 PM.

  10. #15990
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    Quote Originally Posted by Sideshow Bob View Post
    As at the last quarterly update, they had 60.15cps in cash

    So they value the rest of the company at 0.85cps...…

    50.04% of CUE is worth $33m, or 20.6cps.

    Nuff said.
    Appreciate the sentiment... just need to be a little careful, as the NZOG financial statements consolidate 100% CUE assets and income etc. So in the report you refer to, not all of the $98M cash belongs to NZOG shareholders.

    Given the company has zero debt, I think the line on the Balance Sheet that shows "Equity Attributable to shareholders of the Group" is the key figure. That removes the CUE assets and liabilities component that does not belong to NZOG.

    The latest reported figure for this (in the most recent interim report) was $136M. So just the GAAP value of the existing assets alone were most recently reported at being worth approximately 82 cents per share.

    So, according to OGOG's advisors...we should not only pretend that Barque/Toroa and Ironbark don't exist...but we should also hand them the rest of the business for less that the carrying value of existing assets.

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