NZ Oil & Gas (NZO)

[Sideshow Bob]

Shareholders Approve Scheme of Arrangement

11:53am, 12 Apr 2017 | MEETING

A resolution approving a $100m return of capital was passed by a resounding majority at a special meeting of New Zealand Oil & Gas shareholders held at 10am this morning.
The following resolution was voted on by shareholders at the special meeting:
“THAT the Scheme of Arrangement:
a) relating to the return of capital to the holders of Ordinary Shares; and
b) relating to the holders of Part-Paid Shares,
as set out in the Notice of Special Meeting, be approved.”
The required voting thresholds for approval of this resolution were:
a) 75 per cent or more of the votes cast by holders of Ordinary Shares entitled to vote and voting on the resolution;
b) 75 per cent or more of the votes cast by holders of Part-Paid Shares entitled to vote and voting on the resolution; and
c) a simple majority of the votes of those shareholders entitled to vote on the resolution.
The resolution was voted on by way of a poll and the results were:
Please see attached document
In addition, 62.79% of the votes of those shareholders entitled to vote on the resolution were in favour of the resolution.
In summary, each required voting threshold described above was met, and accordingly the resolution was carried.
A further resolution moved by a shareholder, "That NZOG retain the $168 million plus enough from reserves to drill two wells off shore Oamaru for gas and or oil," was defeated on a show of hands.
New Zealand Oil & Gas expects to receive a final ruling from Inland Revenue on the tax status of the capital return within the next week. It will then seek final orders from the High Court approving the Scheme of Arrangement, with the aim of completing the return of capital before the end of May.
Further details of the scheme of arrangement are available at www.nzog.com/capitalreturn

[peat]

so the CR is all steam ahead. Record date 12th May. Payment the next week. 31 cents per current share. Then half your shares disappear.

According the their figures there is still 91 cents per share NTA. (for your reduced number of shares.)

[blackcap]

so the CR is all steam ahead. Record date 12th May. Payment the next week. 31 cents per current share. Then half your shares disappear.

According the their figures there is still 91 cents per share NTA. (for your reduced number of shares.)

But like I said, check out their quarterly cashflow... more than $3million on admin costs. That is $12m annualised... Now that must come down or that $91m will not last very long They have signalled that they are cutting costs like you mentioned Peat and I do have some NZO, but the jury may still be out in some punters minds. I think ZETA will not allow excessive costs and have been instrumental in pushing the efficiencies. I think after the capital reduction they should look to halve the register by culling all small shareholders as well. At the meeting they mentioned that there were something like 13,000 share holders. That is just too much.

[fabs]

13,000 share holders. That is just too much.
AGREE, However as with no statement to the contrary and about 1/2 the year gone, that much touted G & Oilfield down south is scheduled to be drilled this year.
If only half as good as suggested, my have to go to S/Hs for more funds so the bigger the S/Hs base the better???//

[Marilyn Munroe]

13,000 share holders. That is just too much.
AGREE, , that much touted G & Oilfield down south is scheduled to be drilled this year.
If only half as good as suggested, my have to go to S/Hs for more funds so the bigger the S/Hs base the better???//

Your choice of the verb "touted" is good one.

The Canterbury Basin prospect is like a slow race horse paying long odds. A real punt.

And as for calling on shareholders to dig deep for NZOG to develop the possible discovery that would be like me wagering with Lydia Ko that I could beat her at a game of golf.

Boop boop de do
Marilyn

[blackcap]

13,000 share holders. That is just too much.
AGREE, However as with no statement to the contrary and about 1/2 the year gone, that much touted G & Oilfield down south is scheduled to be drilled this year.
If only half as good as suggested, my have to go to S/Hs for more funds so the bigger the S/Hs base the better???//

No way I would want them to ask for more cash to go drilling. As MM says, its a huge punt and with the current price of oil and gas its probably not that good a punt anyway. In fact I want them to cash out and return all capital. If nothing comes in the next 12 months this scenario may well play out as they cannot just sit on a pile of cash and a couple of permits and employ x amount of staff doing nothing. Will be interesting to see what happens going forward anyway.

[fabs]

Cannot just sit on a pile of cash and a couple of permits and employ x amount of staff doing nothing.
WHY NOT ?
That Lucrative ploy has been very profitable for them over the last 10 years.

[Sideshow Bob]

After selling 15% of Kupe for $168m, then buy 4% for $35m. Effective the same date, 5.5 months ago......

https://www.nzx.com/companies/NZO/announcements/301318

[trader_jackson]

After selling 15% of Kupe for $168m, then buy 4% for $35m. Effective the same date, 5.5 months ago......

https://www.nzx.com/companies/NZO/announcements/301318

Yes, they seem to have brought back at a lower cost than their sale... smart maybe, but wern't NZO ramping on about how the field was getting towards its end of life (basically trying to justify why they sold it), only to buy back in less than half a year later? I also note NZO's share price has actually gone down from the peak it hit on annoucement day (when I sold at 64 cents, after being disappointed year after year)... meanwhile GNE's share price has gone up nearly 15%... hmm

I also note that Origins 50% stake may be sold, with Kiwi buyers, including GNE (but not NZO, being to small) circling...
http://www.theaustralian.com.au/busi...5e11b1ce095c52

GNE wanting to do a bond issue, Origin wanting to sell... could GNE pick up all or some of Origin's 50% interest? Maybe NZO, the minor player (who think they are big...) want to have a seat at the table, or the seller simply wanted out and had had enough.... potentially interesting times.

[Carpenterjoe]

I wonder if mitsui will be announced as a drill partner on the southern permits.