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  1. #16021
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    Yes thats a fantastic tale for the little guys to chalk up and cheer about, a rarity like rocking horse droppings.Thanks for sharing Digger.

  2. #16022
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    Quote Originally Posted by Joshuatree View Post
    Yes thats a fantastic tale for the little guys to chalk up and cheer about, a rarity like rocking horse droppings.Thanks for sharing Digger.
    It wasn't just the little guys!

  3. #16023
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    Pike River Coal - NZOG's unfinished business.

    Karma says NZOG shareholders who supported the board at that time to deny accountability for contributing to the deaths of 29 miners will never reap success.

  4. #16024
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    My my, look who the cat dragged in.

  5. #16025
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    Quote Originally Posted by arjay View Post
    My my, look who the cat dragged in.
    Should have taken note of my warnings over the years, especially pertaining to Pike River.

  6. #16026
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    Masterton, , NZ.
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    What about them matching last years offer (72c from memory)?

  7. #16027
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    Quote Originally Posted by tim23 View Post
    What about them matching last years offer (72c from memory)?
    I wonder what excuse they will have for not matching it?
    I think Zeta offered 72 and ogog a little more
    Last edited by fish; 14-07-2019 at 10:39 AM.

  8. #16028
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    Quote Originally Posted by fish View Post
    I wonder what excuse they will have for not matching it?
    I think Zeta offered 72 and ogog a little more
    OGOG bid 78 cents subject to any dividends being paid.

    A 4c dividend was paid, so they effectively paid 74cents per share.

    At the time, the key draw for OGOG was not the money (there wasn't a lot in it between them and Zeta), but the direction they wanted to take the company. They gave the long-term business owner spiel, and how great it would be to remain as a listed company etc so that minority equity owners like myself can stay the course and get these exciting exploration prospects drilled, but people who wanted to take some cash now and run would be able to etc etc.

    They had me at hello.

  9. #16029
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    Quote Originally Posted by mistaTea View Post
    OGOG bid 78 cents subject to any dividends being paid.

    A 4c dividend was paid, so they effectively paid 74cents per share.

    At the time, the key draw for OGOG was not the money (there wasn't a lot in it between them and Zeta), but the direction they wanted to take the company. They gave the long-term business owner spiel, and how great it would be to remain as a listed company etc so that minority equity owners like myself can stay the course and get these exciting exploration prospects drilled, but people who wanted to take some cash now and run would be able to etc etc.

    They had me at hello.
    Have they adequately explained why they have changed their mind and are breaking their promise?
    It seems to have happened very suddenly.
    Could Ironbark be the reason?
    If so why didnt the Independent directors mention it?-perhaps they are not privy to research OGOG has completed but if so it makes me suspect they could be naive

  10. #16030
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    Quote Originally Posted by fish View Post
    Have they adequately explained why they have changed their mind and are breaking their promise?
    It seems to have happened very suddenly.
    Could Ironbark be the reason?
    If so why didnt the Independent directors mention it?-perhaps they are not privy to research OGOG has completed but if so it makes me suspect they could be naive
    I believe that when a company is 70% controlled by another company there will be no such thing as an independent director. You want to keep your job you toe the line. Note how the company says the directors unanimously recommend the offer. This is a sort of lie on the use of words as directors must always speak as one outside the boardroom.Companies are not as advanced as say the supreme court where decisions are often given as percentage split. So if there is 5 directors and three recommend then all must recommend
    We are never given or can know how split this decision was.

    Yes it is my feeling that OGOG knows far more about Ironbank than they have released to the market. Andrew Knight told me a few years ago that there was some very interesting developments taking place that are adding certainty even if it didn't entirely remove the final drill requirements..I do not know what this new technology is but I was assured it would be soon hitting the market and that was a few years ago.
    digger

  11. #16031
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    Yes Ironbark clearly has value or else BP would not have bought in.
    The value of this prospect will depend on its chance of success.
    BP should have a good idea of this as should OGOG.
    Independent directors of NZO will not be privy to this.

  12. #16032
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    I might decide to sell my shares should Ironbark be a dud. But after holding my NZO for Many years, I believe loyal shareholders should be allowed a chance of a great win, rather than have to face a compulsory purchase order............

  13. #16033
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    How much per share will the Ironbark drill cost NOGers? Seems a no brainer that if after the drill the valuation is still in potential cooey of 62c then we reject the offer.

  14. #16034
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    Quote Originally Posted by arjay View Post
    How much per share will the Ironbark drill cost NOGers? Seems a no brainer that if after the drill the valuation is still in potential cooey of 62c then we reject the offer.
    Usually these exploration rigs are ballparked at costing around $100M.

    CUE is fully funded for its portion of the drill, and NZOG hold 15% directly. I would expect NZOG to be prepared to spend anywhere between $15-$20M on this.

    Chump change given the massive potential upside. And if they don't discover commercially viable gas, even if Equity reduced by $20M + depreciation - the value of the net assets would still be higher than the $102M (62c/share) we are being assured is a great price for our business.

    If the 'independent valuation' we receive has a recommended value range anywhere near the price being offered, it will have to have a damn good story behind it for many of us to change our views.
    Last edited by mistaTea; 16-07-2019 at 09:54 AM.

  15. #16035
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    I would think that the chances of success at 62 cents would be quite low. Surely they will need to increase the offer.. I will not be selling mine.
    Hopefully NZO isn't paying for this. If they are prepared to pay over 70 cents not long ago. Surely is worth paying a few million more for a potential asset worth billions.. I would like to know more about the probability of success of Ironbank.. I am sure OGOG would know. In any valuation they need to assess this. I wonder if Zeta would make a counter offer..

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