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  1. #11211
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    Quote Originally Posted by Xerof View Post
    only if it was to have a material impact on NZOG - clearly not....
    How would they know, if the price has not been revealed.

  2. #11212
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    in the same manner they "knew" to write off the debt...... but then everything I have said on the topic has been wrong of course......

    who appointed the Receivers stanace? - the answer to that will surely clarify things for you
    Last edited by Xerof; 09-03-2012 at 03:27 PM.

  3. #11213
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    whats the point of saying the mine is sold and not disclosing the sale price, or the sale price range?
    are nzo shareholders supposed to sell, hold or accumulate?
    the board knows the price, and i guess their family and friends.
    so what is the trading environment of nzo now?

    those that know will do their thing, the rest will take a punt sell or buy.
    there should be full disclosure or nothing at all.

    this limbo unknown is wild west rubbish.

    i hope the newly armed fso and securities commission is watching.

    this is typical nzo management at its best.

    scenario........ national party sells 49% of all its soe's 6 weeks before a general election and announces the sale but decides to withhold the sale price until after the election.

    at least the families now have the beginnings of closure... that is very good and much needed.

    no doubt nzo will state that this statement is the responsibilty of the reciever, and nzo is in the same unknown shoes as the general public.

  4. #11214
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    disregard my above post..... im just miffed at the way this is panning out after all this time and speculation. i'll just be a good shareholder and sit in the dark and wait, like our uniformed board.

  5. #11215
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    NZOG (New Zealand Oil & Gas Ltd) wishes to provide further comment to the market regarding the announcement this afternoon by the Receivers for Pike River Coal Ltd, with regard to the implications for NZOG as a secured creditor.
    NZOG understands that Solid Energy has offered to purchase the business and assets of Pike River Coal Ltd (in Receivership), subject to the terms set out in the offer letter being satisfactorily concluded. The final terms are still to be agreed and the sale is subject to various conditions being met.
    NZOG expects it will be able to provide further details of the structure and timing of the distribution of funds when the final sale and purchase agreement is signed between Solid Energy and the Receivers.

  6. #11216
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    I can only come to one conclucion and it is that NZO Board is completely incompetitent giving this multi BILLION asset away like this. I am out of NZ resources for now (OZ I''m coming)
    Last edited by iceman; 10-03-2012 at 12:56 PM.

  7. #11217
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    Quote Originally Posted by iceman View Post
    I can only come to one conclucion and it is that NZO Board is completely incompetitent giving this multi BILLION asset away like this. I am out of NZ resources for now (OZ I''m coming)
    P.S. Welcome "B52"
    Iceman,IMHO the NZO board made a big mistake by not asking for gas reading when PIKE did small pilot drills to make sure they stayed in coal before drilling ahead. One big rock in the coal was enough and if you remember at the time we did not want to immediatly hit another so those pilot holes were drilled. NZO could have got this info by linking it to any further money borrowed by PIKE from NZO. At the time i thought the nZO board would surely do this but they didn.t. Seems they have so many professional directors,but none that can think practically.
    Iceman you are not correct in saying that NZO gave this milti resource away. Firstly the licence to mine belongs to PIKE and the GOVT has said it would not reissue it to NZO. So NZO was not in any possition to grab it off the receiver if they felt the price was too low.That is how i understand it from inquires i made about a month ago.
    digger

  8. #11218
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    Heaven forbid thy get any money out of this, cause they will go straight out and hire some more directors.

  9. #11219
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    Thanks heaps Fabs :-( I got all excited when I read this bit:

    "NZOG expects it will be able to provide further details of the structure and timing of the distribution of funds when the final sale and purchase agreement is signed".

    The question you raise is just who they plan to distribute the funds to. Perhaps some pats on the back will deemed to be in order for negotiating the sale?

  10. #11220
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    I wonder if the buyback is on hold. Presumably the board & CEO are aware of the likely purchase price of Pike and a continuation of the buyback when this is not public knowledge is not a good look IMHO.

    Mr Roberts?

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