NZ Oil & Gas (NZO)

[fish]

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.

In my opinion you are correct Chippie.

The takeovers panel guidance notes makes a pertinent note-

states in misleading conduct-

2.3 As well as the rule 64 prohibition it is also a criminal offence under section 44c of the takeovers act to make or disseminate materially false or misleading statements-5 years in jail and $300000 fine .

They are making out that Ironbark has only minimal value and is likely to be unsuccessful with a big cash loss and the company not going anywhere and becoming valueless due to high corporate expenses.
The truth is that the srk report last year valued Ironbark nzo share at around preferred value 60 million.It is now worth a lot more-lets say 50 cents a share.
this puts a reasonable and fair valuation at 110 cents a share.
Personally I would be reluctant to sell for less than this.
Needless to say I will be hoping to buy more NZO today rather than let OGOG steal our main oil and gas company.

[blackcap]

An interesting read from our CEO:

http://nzx-prod-s7fsd7f98s.s3-websit...810/308807.pdf

[fish]

[QUOTE=blackcap;772960]An interesting read from our CEO:

Very clear argument that Gas is the future for decades to come and if NZ isnt part of the team to fight CO2 emissions bad countries will burn coal with 3 times as much CO2 emissions.
It also reaffirms my view that NZO management and John Pagani are the good people.
It is OGOG trying to steal Ironbark for its own ends.A speculative thought is that once Ironbark comes on stream with its 15 trillion cubic feet of gas why would OGOG consider drilling barque?

[mistaTea]

https://www.nbr.co.nz/story/supine-i...all-nzog-offer

For those of you who read NBR...Shoeshine have written a damning piece on OGOG's 'low-ball' and 'opportunistic' takeover attempt.

Trying to dupe minority holders into selling their company for such a small amount of money is just downright greedy.

They could have offered a fair price right from the outset and wrapped this deal up quickly, enabling departing shareholders to feel like they got a reasonable deal given the current conditions.

But no, they couldn't help themselves. Their greed overrode all reason, and here we are. Our Independent Directors ought to be ashamed of themselves too. A reasonable offer would have probably only cost them an additional $15M more than their current offer, peanuts in the scheme of things. So now because they are tight asses, and damn greedy... they are not going to get any deal.

If Ironbark comes through next year, they will be kicking themselves that they didn't throw a few more shekels our way in the first place to get the deal done.

They are going to be very embarrassed when the final votes are counted and an overwhelming AGAINST vote is determined. So they should be, all of them.

[mistaTea]

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.

The fact that these people even need to ring around, desperately trying to get people to vote says it all really. They aren't allowed to suggest which way people should vote, but you can be sure they will be emphasising that the Independent Directors have recommended the offer etc.

The reality is, if their offer was reasonable they wouldn't have to work the phones at all - the reasonable terms of the deal would speak for itself and 75% of those who bothered to vote would endorse it.

[glennj]

A couple of days ago, perhaps Friday, I got a call too asking to discuss this investment. Think it was an Australian based call? I said I was busy and didn't currently have time to discuss it.
(I had already voted against the deal on line so that backs up that who ever is calling does not know if people have already voted or not)

[RTM]

The fact that these people even need to ring around, desperately trying to get people to vote says it all really. They aren't allowed to suggest which way people should vote, but you can be sure they will be emphasising that the Independent Directors have recommended the offer etc.

The reality is, if their offer was reasonable they wouldn't have to work the phones at all - the reasonable terms of the deal would speak for itself and 75% of those who bothered to vote would endorse it.

I wonder if they are just calling the bigger shareholders ? I haven't had a call..17,300 shares.
They seem to have an advantage in that they have a list of shareholders...and holdings I guess. And shareholders have no effective way of communicating with each other, other than via this forum.
And not everyone would be aware of this forum.

[fish]

This forum is where we have the advantage.
Not only is this forum communicating well but we can send personal messages.
I know for a fact that this scheme of arrangement has failed and I hope NZO is not paying for anyone from Australia to be phoning people up to let them know the Independent directors want you to vote for the scheme.

[RTM]

I know for a fact that this scheme of arrangement has failed......

Interesting. First time I've been made aware of that.
Congratulations all holders and huge thanks to the key shareholders who have helped us all with our decision.

[Vaygor1]

This forum is where we have the advantage.
Not only is this forum communicating well but we can send personal messages.
I know for a fact that this scheme of arrangement has failed and I hope NZO is not paying for anyone from Australia to be phoning people up to let them know the Independent directors want you to vote for the scheme.

I would be surprised if a material amount of minority shareholders are aware this forum even exists, but.....

I have phoned around asking all those I know (especially those I know owning NZO) to phone others they know who own NZO shares with a strong message to 1st and foremost vote, and 2ndly to vote NO..... and then to request them pass this on again and again... (I supplied the basis behind my position).

From the feedback I have received from those I originally spoke to, this has been a very helpful initiative and I strongly suggest and request all those reading this post to do the same.

OGOG can go get stuffed.