NZ Oil & Gas (NZO)

[BWR]

I'm with Black Peter and Digger on the abysmal and biased so-called Independent Advisers Report and Appraisal Report. In many places it states that "Zetas shareholding increasing from 19.8% to 24.42% (doesn't mention this is at no cost to Zeta) will not significantly increase Zeta's ability to exert shareholder control over NZOG." He goes on to state "At most, their voting rights will increase by 4.62% to 24.42%."

Anyone can calculate that the extra 4.62% actually represents a 22% increase in their voting power.

It appears to me that this report does not reasonably state the advantages and disadvantages of a share buy-back scheme, and is facile and biased towards the 22% increase of voting power that Zeta will gain without having to spend one more cent of their own money.

I will be joining Digger in voting against this proposal. With Zeta's interests not being allowed to vote I encourage everyone of similar mind to also vote against the proposal, we could well stop the resolution from succeeding.

By the way Digger, I see from page 10 of the Simmons Report that your company now holds 32,000,000 shares!

[digger]

I'm with Black Peter and Digger on the abysmal and biased so-called Independent Advisers Report and Appraisal Report. In many places it states that "Zetas shareholding increasing from 19.8% to 24.42% (doesn't mention this is at no cost to Zeta) will not significantly increase Zeta's ability to exert shareholder control over NZOG." He goes on to state "At most, their voting rights will increase by 4.62% to 24.42%."

Anyone can calculate that the extra 4.62% actually represents a 22% increase in their voting power.

It appears to me that this report does not reasonably state the advantages and disadvantages of a share buy-back scheme, and is facile and biased towards the 22% increase of voting power that Zeta will gain without having to spend one more cent of their own money.

I will be joining Digger in voting against this proposal. With Zeta's interests not being allowed to vote I encourage everyone of similar mind to also vote against the proposal, we could well stop the resolution from succeeding.

By the way Digger, I see from page 10 of the Simmons Report that your company now holds 32,000,000 shares!

Hi BWR, For those of you who do not have along past with this company BWR was external relations officer [Correct me BWR not correct] He was for some years part of the management so has a working knowledge of the company and company matters.
Firstly I am pleased to say BWR that a extra zero was mistakenly put on my holding. Even at 3.2 million it is a hugh paper loss without making it 32 million.

Yesterday I tried to ring AK but ended up on hold in Australia . Today I did speak with Mike Dunn trying again to speak with AK. AK was to ring me back and as I have been out all day could have missed him. But I see nothing on my answer phone. Told Mike that the Simmons report was just buying the assesment you wanted in the first place and a waist of our money.You could just as easily put forward an arguement for why the resolution should be turned down and in that case I am sure Simmons would do so if the money was right. The Simmons case about Zeta holding rising to 24.5 % making not real difference is hollow and goes against the take over code. It was the take over panel that after considering many case and company working decided on 20% as the limit. Anytime any limit is placed on anything there is always someone who wants to rewrite it to better suit their interest.
When I do get to talk with AK I will be telling him straight my feelings. Either Zeta already controls NZO or the other non Zeta directors are cowed by them. For NZO to put forward this resolution shows weakness on the part of the company and I am sure the market will see it that way. It is an insult to shareholder integrity and shows a greater insult to the integrity of the non ZETA directors buy sending it to shareholders.
I did get back a comment from Mike Dunn that if Zeta had to sell to stay below the 20% limit it would put downward pressure on the SP. So what, someone or some company is already putting downward pressure on the SP. His arguement does not hold as ZETA has to sell within 6 months and as a buyback can be arranged to last 4 years the company could buy them.


I would like to invite anyone who wants vote against this resolution to do .

[fabs]

We could trash this to & fro till voting day, will make no difference to end result. [ it will pass ]
Explaining why, if it is not crystal clear how things are run by now, then that's the way its going to be. World is full of shills NZ no exception.
Predicted about 9 months ago on this forum that nzo will be gone in about 12 see no reasons to change my mind.
Lets wait and see.
HIW.

[Sideshow Bob]

Voted tonight against - for what it's worth.

[neopoleII]

Here's a link....
https://waterpressure.wordpress.com/...mine-timeline/
I didn't think much of it as it read conspiracy all over.....
but the more i read the background and relevant links were provided and it made me wonder.
The reason i am posting this link now is because in the article it mentions the silent majority shareholders that are hidden.....
I have no idea what this means...... but it does explain the things that the board does which alot of smaller shareholders find strange.
If you have upwards of an hour spare you might find the above link interesting...... it is however very complex and over my head.
But my nose still works and I smell something..... just dont know what it is...... but it has stopped me from investing in anything but
myself for a very long time.
Hope someone here can make an informed critique of the link.

an extract

55)October 15, 2010: Then, a day later, none other than L1 Capital Pty Ltd of Level 5, 101 Collins Street, Melbourne, commences aggressively buying up shares in Bathurst Resources Ltd as well on behalf of National Nominees Ltd, (who just happen to be major shareholders in New Zealand Oil & Gas Ltd [5.76%] and BNZ/ National Australia Bank [11.98%]) State Street Australia Ltd, Cogent Nominees Ltd and JP Morgan Nominees Australia Ltd (also major shareholders in New Zealand Oil & Gas Ltd [0.65%] and BNZ/National Australia Bank [10.32%]) between October 5
– 13 October 2010 – increase its voting power to 7.09%. [Bathurst website PDF File: Oct 15, 2010, Becoming a Substantial Holder] – we remember, New Zealand Oil & Gas Ltd is the controlling shareholder of Pike River Coal Ltd as well.

[neopoleII]

double posted sorry.

[Bella52]

I have also read most of the dribble and now more than ever will vote against it. When you read it keep it clearly in mine that this special meeting is only about having a share buy back where Zeta does not have to sell shares and thereby allow its percentage holding to rise above the 20% limit. As the document says up to 24.5 % if all the 64 million shares are purchased.
What I like most is 2.9 where they deal with the implications of it not being approved. Note this could lead to a buy back where shareholder approval is not required and ZETA then have to stay below 20%. Also note that all the benefits of a buy back we are supposed to enjoy if ZETA is allowed to get around the takeover code also apply apply if this resolution does not succeed and we still have a buy back. I am for a buy back but definitely not for letting control slip away from all shareholders . This resolution is just an attempt to get around the takeover code.
I have listed in a post above what I think the company should do with its money. NZOG is certainly not the only oil company under pressure with a depressed share price.

so vote then, Zeta are not allowed to vote so it only gets through based on small shareholders.

[flyingmariner]

Thanks BP that worked and yes, checked the right box!

[digger]

Well I have done my bit to get this thing voted down. Spoke to all I know that have shares and the indication is that they will vote NO.


Have spoke to TR and AK,that is the past CEO and the present one. They know my thoughts and from what I got back AK he did agree with me that acquistions are a good way to go and they are studying a number of companies. I do not buy into the reasoning that if we have a buy back where ZETA has to sell that it would defeat the purpose of the buy back. You can believe anything if the money is right.

Anyone wanting to vote please note that time is running out.

[dodgy]

Well I have done my bit to get this thing voted down. Spoke to all I know that have shares and the indication is that they will vote NO.


Have spoke to TR and AK,that is the past CEO and the present one. They know my thoughts and from what I got back AK he did agree with me that acquistions are a good way to go and they are studying a number of companies. I do not buy into the reasoning that if we have a buy back where ZETA has to sell that it would defeat the purpose of the buy back. You can believe anything if the money is right.

Anyone wanting to vote please note that time is running out.

Hi Digger
Voted NO! Its about time all who can attended briefings and AGM/Special (for whom) meetings, to show the controllers of our futures, what us (the owners) really think. A vote of no confidence would go a long way - net assets about 77c (according to ANZ securities) I say sell the whole thing, stop the bleeding and give the owners our futures and hard earned cash back.
Comments.
Regards
-dodgy (owner/shareholder/mug?)