NZ Oil & Gas (NZO)

[BWR]

The interesting figure from the vote on the buy-back resolution was the very large ABSTAIN figure. The only reason a shareholder would bother going through the process of voting, and then register Abstain, must surely be to send the directors a message. Abstain votes represented 35% of votes cast, with votes against 17.16% of votes cast. Together these outweigh the votes in favour which are 48% of votes cast.

[arjay]

The interesting figure from the vote on the buy-back resolution was the very large ABSTAIN figure. The only reason a shareholder would bother going through the process of voting, and then register Abstain, must surely be to send the directors a message. Abstain votes represented 35% of votes cast, with votes against 17.16% of votes cast. Together these outweigh the votes in favour which are 48% of votes cast.

I find it very odd that anyone would go to the trouble of voting and then abstain. It's the same thing as not bothering to vote at all - when it comes to getting a majority for the motion. The message the directors get is 'we got enough support to get it through'.

[Crackity]

I find it very odd that anyone would go to the trouble of voting and then abstain. It's the same thing as not bothering to vote at all - when it comes to getting a majority for the motion. The message the directors get is 'we got enough support to get it through'.

The shareholding figure seems to match the Zeta holding - they are not allowed to vote on this resolution so maybe this was their way of proving it?

Maybe Notie can tell us more...

[notie]

The shareholding figure seems to match the Zeta holding - they are not allowed to vote on this resolution so maybe this was their way of proving it?

Maybe Notie can tell us more...

I can tell you one thing, NZOG is sleep walking into a take over and the shareholders will be royally screwed over by Zeta

[Crackity]

I can tell you one thing, NZOG is sleep walking into a take over and the shareholders will be royally screwed over by Zeta

No argument here Notie - I agree

[digger]

The interesting figure from the vote on the buy-back resolution was the very large ABSTAIN figure. The only reason a shareholder would bother going through the process of voting, and then register Abstain, must surely be to send the directors a message. Abstain votes represented 35% of votes cast, with votes against 17.16% of votes cast. Together these outweigh the votes in favour which are 48% of votes cast.

What does the take over code say? To get past 20% is a requirement that a simple majority must agree,or is it in this case that more voted for it than against. Clearly ZETA did not get authority from 50% of the shareholders or even 50% of those that voted.
Anyone know or prepared to find out?

[digger]

The interesting figure from the vote on the buy-back resolution was the very large ABSTAIN figure. The only reason a shareholder would bother going through the process of voting, and then register Abstain, must surely be to send the directors a message. Abstain votes represented 35% of votes cast, with votes against 17.16% of votes cast. Together these outweigh the votes in favour which are 48% of votes cast.

What does the take over code say? To get past 20% is a requirement that a simple majority must agree,or is it in this case that more voted for it than against. Clearly ZETA did not get authority from 50% of the shareholders or even 50% of those that voted.
Anyone know or prepared to find out?

[Balance]

I can tell you one thing, NZOG is sleep walking into a take over and the shareholders will be royally screwed over by Zeta

Nothing has changed obviously at NZOG.

I would say it is more like shareholders getting screwed while sleepwalking for years under the previous regime, and now waking up (too late) to be further screwed.

Karma.

Note : Pleased to be the one who posted and initiated page 1000.

[digger]

I see PPP is following in NZO footsteps and having a buy back. Zeta has learned a small lesson from the NZO buyback and this time not asking the shareholders what they want. PPP [that is ZETA] at this stage will not say what they will do with the bought back shares.
This will be used by ZETA to take over PPP when the time comes,then later on merge with NZO. That to me is obvious but are there any other outcomes anyone else see happening.???

[ziggy415]

I see PPP is following in NZO footsteps and having a buy back. Zeta has learned a small lesson from the NZO buyback and this time not asking the shareholders what they want. PPP [that is ZETA] at this stage will not say what they will do with the bought back shares.
This will be used by ZETA to take over PPP when the time comes,then later on merge with NZO. That to me is obvious but are there any other outcomes anyone else see happening.???

with nzo they required a special meeting to allow them to go over 20% yet with ppp there already at 46%....whats the difference.....not sure why nzo would sell their 15% ppp to Zeta then roll the whole lot under Zeta umbrella.....ppp have $20 mill cash so would have thought Zeta would offer 5 cents a share to get 54% of ppp they dont own with the cash component funding half the purchase

Thanks to Balance pointing out the onset of an oil glut enabling me to see the bigger picture and exiting nzo at the right time and price.....