NZ Oil & Gas (NZO)

[digger]

I have just received the scheme {scheming}? booklet today. I will vote against the scheme.

so have I. Like most others I have already voted.

[CD_CHCH]

Just some further speculative thoughts-
NZO misleads the market on the 13/9- scam is exposed.
17/9/19 nzx announcement John resigns
OGOG/Northridge are in panic mode.
Fallout could reach as far as CUE.
OGOG do not want to face shareholders at CUE agm=meeting postponed

So let us review the timeline of events to date.

Back in 2017 OGOG made an offer of 78 cents per share to purchase 70% of the company beating out Zeta who were also trying to accquire the company.

We can only presume that OGOG didn't purchase 70% of the company solely as a goodwill gesture to allow shareholders to cash out without brokerage fees, but instead saw value in the company and its future prospects.

Now we are being asked to believe that the future of the company is grim and the remaining 30% of the company that they don't own is only worth 62 cents per share.

Should we believe and trust them?

The following extracts are from their partial takeover document date Oct 2017:

"our conviction that the opportunities in front of NZOG, like the Clipper exploration permit, are simply too interesting to ignore. We believe that the best way to preserve those opportunities and protect shareholder value is to make an offer for control of NZOG."

"We have chosen not to make a full takeover offer because we believe it is important that NZOG maintains its public listing on the NZX Main Board. By remaining a public company, NZOG will be able to access new capital to fund future growth and will give existing shareholders (even those who accept our Offer) the opportunity to participate as the business develops."

"The Ofer Global Group is not a financial investor looking to make a quick profit. Nor is it a private equity fund looking to turn a business around and sell it, or a hedge fund looking to take advantage of a distressed opportunity."

"Our long-term focus necessitates that we prioritise corporate and social responsibility, community investment, and are aware of and have respect for the concerns of local stakeholders."

"OGOG seeks to focus NZOG on responsible exploration and production opportunities that we believe will put NZOG on a steady growth trajectory, ultimately creating substantial value for shareholders."

"OGOG’s current intention is to focus the company, its financial resources and its staff on responsible exploration and production opportunities both in New Zealand and throughout the Asia-Pacific region. As such, OGOG does not plan to reduce those resources by pursuing any capital return to shareholders in the near term (other than under NZOG’s current dividend programme). Instead, OGOG expects to supplement NZOG’s existing resources by identifying areas where the Ofer Global Group can complement NZOG’s existing activities. To take just one example, OGOG expects that it can be helpful in identifying a suitable farm-in partner for the Clipper exploration permit."

We have voted against the scheme of arrangement and believe the statements made in their partial takeover offer less than 2 years ago are at odds with their current actions.

[fish]

I do not know to what extent OGOG have been responsible for this misleading scheme.
It is possible that nzo management alone have misled everyone and told Northington partners the value they wanted.This could be why John Pagani suddenly resigned.
Legal advice might be preventing OGOG from coming clean.
The longer they leave it the more damage will be done.
OGOG will know the SRK valuation of Ironbar is misrepresented by Northington and the Independent Directors and have a moral if not legal duty to correct it.
From the political view it could be a disaster for OGOG if the Hon. Megan Woods has to get involved.

[digger]

I do not know to what extent OGOG have been responsible for this misleading scheme.
It is possible that nzo management alone have misled everyone and told Northington partners the value they wanted.This could be why John Pagani suddenly resigned.
Legal advice might be preventing OGOG from coming clean.
The longer they leave it the more damage will be done.
OGOG will know the SRK valuation of Ironbar is misrepresented by Northington and the Independent Directors and have a moral if not legal duty to correct it.
From the political view it could be a disaster for OGOG if the Hon. Megan Woods has to get involved.

Thanks Fish for all your reports.
I have been doing a few things along these lines,that if worst comes to worst Megan Woods will get involved.
Some I might like to say but if this SOA goes through it will be off to the High Court at the end of Oct/19 ,so some things need to be kept quite for now.. In the meantime some wheels are turning.What I believe I can say follows.

On Tuesday the 17th of this month I spoke at the NZSA in Hamilton about this SOA. The chairman then took my notes and said he would deliver and speak at the National NZSA council . This he must have done or by pure coincidence the CEO of OGOG has asked for a special meeting with the national head of NZSA. This meeting will be this coming Saturday in Auckland to which I was invited. I declined as when someones is out to steal my shares I am inclined to be not that friendly,so best out of it.. This morning I outlined for the NZSA [SOME] of the misleading statements made on behalf of OGOG takeover. Most have already been stated here so will not outline.
In summary I asked if the SOA can be nullified as this is suppost to be a court-supervised process and in too many areas that process has not been followed.

Unless there is some legal reason for not doing so,I will report where it is all up to.

[Baa_Baa]

Thanks Fish for all your reports.
I have been doing a few things along these lines,that if worst comes to worst Megan Woods will get involved.
Some I might like to say but if this SOA goes through it will be off to the High Court at the end of Oct/19 ,so some things need to be kept quite for now.. In the meantime some wheels are turning.What I believe I can say follows.

On Tuesday the 17th of this month I spoke at the NZSA in Hamilton about this SOA. The chairman then took my notes and said he would deliver and speak at the National NZSA council . This he must have done or by pure coincidence the CEO of OGOG has asked for a special meeting with the national head of NZSA. This meeting will be this coming Saturday in Auckland to which I was invited. I declined as when someones is out to steal my shares I am inclined to be not that friendly,so best out of it.. This morning I outlined for the NZSA [SOME] of the misleading statements made on behalf of OGOG takeover. Most have already been stated here so will not outline.
In summary I asked if the SOA can be nullified as this is suppost to be a court-supervised process and in too many areas that process has not been followed.

Unless there is some legal reason for not doing so,I will report where it is all up to.

You're a legend, we all I'm sure thank you for your insights, contacts and interventions. It's just not right that minority shareholders get screwed when the big fat controllers think they can obfuscate and manipulate the proceedings. Well done and all the best.

[Arthur]

Certainly appears short sighted to be sailing this close to the wind given the current politics. I wonder if there is a bad faith/operator condition on their existing permits.

[fish]

Certainly appears short sighted to be sailing this close to the wind given the current politics. I wonder if there is a bad faith/operator condition on their existing permits.

You echo my current thoughts
I am planning to brief my QC who is an expert on these matters but it looks as if I am going to go Public and it will not be defamatory in anyway-just my opinion based on the facts.This will include hon Megan Woods who is probably in the dark about how NZ energy resource are about to be stolen by OGOG.

For the scheme to be fair and reasonable I have been trying to put a value on NZO to OGOG.
Liquidation value looks to be around 85 cents.
However there should be a premium for OGOG to pay in respect of gaining control and gaining synergies-at least 10% on the liquidation value.

For me its not just about value.I really want the whole of NZ to gain from these world size gas fields.I will choose battles to fight only if I know I can win.
This is one I will fight to the end.However I also have to be pragmatic and a fair and reasonable offer would probably beat my principles

[fish]

I have just received the scheme {scheming}? booklet today. I will vote against the scheme.

Make sure you vote asap as not long before the special meeting unless you are going to it.We have to make sure ogog do not steal nzo from NZ

cheers

[airedale]

Thanks Fish, I have a note in my diary to vote by Monday 14th October, so I will definitely do it by Thursday 10th October. I am waiting for a recent buy NZO trade to settle.

[Chippie]

Had a call on Friday asking if i would vote. Good to know they do not already know i have already voted. When asked why i voted against it, told them they are a bunch of crooks trying to rip little shareholders off.