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  1. #16456
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    Digger, mistaTea, and one other, thank you for your nominations and support. It is quite apparent from the communications from the NZO independent directors that they have no real experience with, or understanding of, the motivations of third party shareholders/investors in petroleum exploration companies. I'm sure they are both excellent in their own technical areas, and NZO has benefited from their expertise. However, being given the short straws in a takeover or scheme of arrangement is something quite different. It is also obvious that whoever is giving them independent advice, assuming they have independent advisors, is letting them down badly.

    A good example of what should be expected from independent directors in circumstances such as this is the 2018 takeover offer from Infratil for the shares in Tilt Renewables held by minority shareholders. Fiona Oliver is the chair of the independent directors and to read through her communications during the takeover is enlightening, especially in comparison to what we as minority shareholders in NZO have been subject to.

    It is for this reason I have agreed to be nominated. There is no way my nomination will be successful, but at least we as minority shareholders can use our votes as a form of silent protest.

  2. #16457
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    Quote Originally Posted by BWR View Post
    Digger, mistaTea, and one other, thank you for your nominations and support. It is quite apparent from the communications from the NZO independent directors that they have no real experience with, or understanding of, the motivations of third party shareholders/investors in petroleum exploration companies. I'm sure they are both excellent in their own technical areas, and NZO has benefited from their expertise. However, being given the short straws in a takeover or scheme of arrangement is something quite different. It is also obvious that whoever is giving them independent advice, assuming they have independent advisors, is letting them down badly.

    A good example of what should be expected from independent directors in circumstances such as this is the 2018 takeover offer from Infratil for the shares in Tilt Renewables held by minority shareholders. Fiona Oliver is the chair of the independent directors and to read through her communications during the takeover is enlightening, especially in comparison to what we as minority shareholders in NZO have been subject to.

    It is for this reason I have agreed to be nominated. There is no way my nomination will be successful, but at least we as minority shareholders can use our votes as a form of silent protest.
    Best of luck. Would be very interesting if they call your bluff and vote you on !

  3. #16458
    Junior Member
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    Auckland, , New Zealand.
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    RTM, the words snowball, chance, and hell come to mind.

  4. #16459
    Member
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    Dec 2017
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    Christchurch
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    32

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    I'm not sure if any of the OGOG directors or current independent directors are up for re-election at the upcoming AGM, but if any are it could also send a signal if all the remaining 30% shareholders voted against them. Again it wouldn't make a difference, but would send a powerful message that the shareholders aren't happy or impressed with the way things are being handled.

  5. #16460
    Junior Member
    Join Date
    Sep 2019
    Posts
    6

    Thumbs up Oportiunity Knocks only once.

    Here is the CHANCE for any one to take a low risk Possible High Return Gamble.

    My 180331 shares in NZO are up for grabs @ 74cents per Share.
    Have not voted NO on them yet.

    Contact me per e-mail via== fabs1937@gmail.com==
    To introduce You to my Broker.

    All the talking,S been done, how about some ACTION.
    Cheers

  6. #16461
    Junior Member
    Join Date
    Oct 2001
    Location
    New Plymouth, , New Zealand.
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    Quote Originally Posted by BWR View Post
    Digger, mistaTea, and one other, thank you for your nominations and support. It is quite apparent from the communications from the NZO independent directors that they have no real experience with, or understanding of, the motivations of third party shareholders/investors in petroleum exploration companies. I'm sure they are both excellent in their own technical areas, and NZO has benefited from their expertise. However, being given the short straws in a takeover or scheme of arrangement is something quite different. It is also obvious that whoever is giving them independent advice, assuming they have independent advisors, is letting them down badly.

    A good example of what should be expected from independent directors in circumstances such as this is the 2018 takeover offer from Infratil for the shares in Tilt Renewables held by minority shareholders. Fiona Oliver is the chair of the independent directors and to read through her communications during the takeover is enlightening, especially in comparison to what we as minority shareholders in NZO have been subject to.

    It is for this reason I have agreed to be nominated. There is no way my nomination will be successful, but at least we as minority shareholders can use our votes as a form of silent protest.
    BWR you have my vote and support. Thank you for taking the initiative and effort put in. Really wish we could vote out the two current spineless so called independent directors. Least they could do is voluntarily resign.

  7. #16462
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    May 2007
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    Auckland, , New Zealand.
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    Do you know if the NZSA will vote their proxies for Brian, or should those of us who have given our proxy votes to NZSA amend our instructions to make sure? (I've already directed them to vote no on the buy out).

  8. #16463

  9. #16464
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    I don’t have NBR, but I guess the article reflects much of what is on ShareTrader ?

  10. #16465
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    Thanks mistaTea, I have just actually purchased a subscription to the NBR. Fascinating read.

  11. #16466
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    Oct 2017
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    Quote Originally Posted by RTM View Post
    I don’t have NBR, but I guess the article reflects much of what is on ShareTrader ?
    It does, and the activist sharehoder (James Dunphy) also points out that a report on Ironbark prospects should be comissioned by a company that actually has expertise in the matter (from a specialist petroleum engineering firm such as Risc Advisory) before minority holders can make an educated decision on whether or not to sell.

    He points out that 74c is low ball for all the same reasons we have.

    John Pagani refutes all of his claims out of hand. Reiterates that all the information needed to make a decision is provided in the scheme booklet etc etc.

    James has also made a complaint to the takeovers panel which is under review.

  12. #16467
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    Quote Originally Posted by Grimy View Post
    Do you know if the NZSA will vote their proxies for Brian, or should those of us who have given our proxy votes to NZSA amend our instructions to make sure? (I've already directed them to vote no on the buy out).
    Thanks for that. Next Tuesday I will quote you at the Hamilton NZSA.
    digger

  13. #16468
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    Aug 2015
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    Got the phone call last night to make sure I had the updated offer and that I was voting .......

  14. #16469
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    Quote Originally Posted by mistaTea View Post
    It does, and the activist sharehoder (James Dunphy) also points out that a report on Ironbark prospects should be comissioned by a company that actually has expertise in the matter (from a specialist petroleum engineering firm such as Risc Advisory) before minority holders can make an educated decision on whether or not to sell.

    He points out that 74c is low ball for all the same reasons we have.

    John Pagani refutes all of his claims out of hand. Reiterates that all the information needed to make a decision is provided in the scheme booklet etc etc.

    James has also made a complaint to the takeovers panel which is under review.
    Thanks. RTM

  15. #16470
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    Oct 2017
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    https://www.nzherald.co.nz/business/...ectid=12277782

    Much more thorough article from Gaynor this time round. I suspect he has done much more research into NZOG since his last opinion piece (which I felt started off ok, but then wandered off topic).

    He rightly points out how SoA's enable these big conglomerates to come in and pick off NZ companies with relative ease (versus a standard takeover process that requires 90% approval from target shares).

    This latest low ball bid will fail I have no doubt. But, in my view, all it will mean is that they will keep coming back with a new offer slightly higher than the last until they eventually sneak over the 75%.

    Thereby still enabling them to eventually buy the rest of the company for a price less than a rational buyer and seller would transact if they were selling the whole business.
    Last edited by mistaTea; 19-10-2019 at 11:12 AM. Reason: typo fix

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