NZ Oil & Gas (NZO)

[mistaTea]

Interesting article for holders.....ACC to play a key role in shareholder sale vote.

https://www.stuff.co.nz/business/opi...takeover-looms

Very interesrting article, thanks for sharing.

The ACC vote is important, but even if they vote for it...OGOG will still need a high turnout to get this across the line.

And I believe ACC were looking for a figure more in the 85c range, so will be interesting to see if they fold at 74c.

[mistaTea]

Very interesrting article, thanks for sharing.

The ACC vote is important, but even if they vote for it...OGOG will still need a high turnout to get this across the line.

And I believe ACC were looking for a figure more in the 85c range, so will be interesting to see if they fold at 74c.

Also, if ACC had voted yes by now I would expect OGOG to be shouting from the rooftop that their largest minority holder is supportive of their offer.

[Independent Observer AUNZ]

Also, if ACC had voted yes by now I would expect OGOG to be shouting from the rooftop that their largest minority holder is supportive of their offer.

Exactly. ACC are at least smart not to support too early.

[mistaTea]

Exactly. ACC are at least smart not to support too early.

Yeah, ACC have a whole beauracratic process they have to go through before deciding what to do with any given security anyway. So that takes time.

I think that recent article in stuff is trying to invent a narrative that is not supported by reality.

Any notion that ACC will (ironically) decide whether or not an Oil & Gas company domiciled in NZ is taken over by a foreign entity is not realistic in my view.

If the vote is close then ACC could be the deciding vote, sure.

However I don't think this vote is going to be close at all (with or without ACC's support for the NO team).

Let's see the final tally in less than 2 weeks...but I think much more than 25% of the minority holders who bother to vote will say NO.

[mistaTea]

https://www.nzherald.co.nz/business/...ectid=12281603

Another piece from Gaynor reinforcing how minority shareholders have been let down.

It is somewhat speculative, but he does raise a good point about how the share market is likely to react as we approach the Ironbark drill.

It is highly likely we will see a significant increase in trading volume as we get closer, and then as drilling begins. The increased demand will probably push the SP up a fair bit (just like it did with Kohakatai - a much smaller prospect).

So even speculators who have no intention of sticking around for findings of the drill may well be better served to vote down this current low ball offer, and sit tight for the next 6-9 months until the real action begins.

[mistaTea]

The other thing that strikes me is how much we are continuing to pay the likes of Andrew Jeffries.

Given 70% of the business is owned by OGOG; and given nothing has really been happening with NZOG for some time now while we wait for the Ironbark drill to happen...

What value is he really adding? We are paying him over $850K a year - and for what?

I can’t see any special achievements from him that would not have happened anyway with majority owner OGOG facilitating deals and discussions with large players (given OGOG is a large player in the industry too).

They could save a lot of money right away by sacking Andrew, and adding NZOG as another channel to Alistair McGregors duties as CEO of OGOG. Pay him an extra $250K higher duties allowance and we bank a saving of $600K.

We would get the exact same business outcomes we are currently getting only Andrew won’t have his snout in the trough.

[Chippie]

The other thing that strikes me is how much we are continuing to pay the likes of Andrew Jeffries.

Given 70% of the business is owned by OGOG; and given nothing has really been happening with NZOG for some time now while we wait for the Ironbark drill to happen...

What value is he really adding? We are paying him over $850K a year - and for what?

I can’t see any special achievements from him that would not have happened anyway with majority owner OGOG facilitating deals and discussions with large players (given OGOG is a large player in the industry too).

They could save a lot of money right away by sacking Andrew, and adding NZOG as another channel to Alistair McGregors duties as CEO of OGOG. Pay him an extra $250K higher duties allowance and we bank a saving of $600K.

We would get the exact same business outcomes we are currently getting only Andrew won’t have his snout in the trough.

I wonder how much we are continuing to pay for any of the directors? They have sat on a war chest of capital for such a long time unable to make any investment decisions. And now they want to screw over all minor shareholders just before they have some really interesting prospects.

To make it worse the Takeovers Panel have also rolled over which shows what is wrong with the NZX and even the NZ government for continuing to let oversea companies rip on New Zealand shareholders over and over again. E.g. Southern Petroleum.

It is a real shame that OGOC already own so much of the company, that is what stops any other offers. ACC would be in great position of making a counter offer to take over for all of NZO at ~ 78 cents, although the current Government would be the problem with that idea.
Really disappointing that the average NZ investor is on a hiding to nothing with no support from any corner, except for perhaps Bryan Gaynor and the NZ Herald?

Good luck to everyone especially our larger minor shareholders such as Digger and mistaTea!

[digger]

I wonder how much we are continuing to pay for any of the directors? They have sat on a war chest of capital for such a long time unable to make any investment decisions. And now they want to screw over all minor shareholders just before they have some really interesting prospects.

To make it worse the Takeovers Panel have also rolled over which shows what is wrong with the NZX and even the NZ government for continuing to let oversea companies rip on New Zealand shareholders over and over again. E.g. Southern Petroleum.

It is a real shame that OGOC already own so much of the company, that is what stops any other offers. ACC would be in great position of making a counter offer to take over for all of NZO at ~ 78 cents, although the current Government would be the problem with that idea.
Really disappointing that the average NZ investor is on a hiding to nothing with no support from any corner, except for perhaps Bryan Gaynor and the NZ Herald?

Good luck to everyone especially our larger minor shareholders such as Digger and mistaTea!

Thanks for that Chippie, although I am wanting more than luck. OGOG still has a few hurdles to go before they rip us all off.

Yes the takeover panel was such a disappointment you get left wondering what they exist for. That there can be not liquidation valuation because OGOG owns 70% and no other company can buy in is at best stupid. So govt and councils can not value our farms and houses because the owners hold more than 70%. ?????

Guess it will come down to the vote,the court and then the govt to change the law.

[tim23]

My wife is a holder and got phone call Friday from rep on behalf of bidder, she has already voted no!!

[Marilyn Munroe]

My wife is a holder and got phone call Friday from rep on behalf of bidder, she has already voted no!!

That's a tell.

It tells us the owners are concerned the sheep are wandering all over the paddock and have sent out the sheep dogs to round them up.

It also tells us they still think the sheep can be yarded in the woolshed and fleeced.

Boop boop de do
Marilyn