NZ Oil & Gas (NZO)

[mistaTea]

http://makethemaccountable.com.au/20...pt-oggs-offer/

Some pretty interesting stuff in the NBR article and some great points in above link (free) about valuation methodologies.

He takes a different approach to me, however we both seem to land on a similar value for existing assets. We also expect to be paid some reasonable sum for full control of the company and Ironbark etc.

Clearly, I am in full agreement with James with regards to the valuation model used by Northington falling short and undervaluing our business.

However, proving that they have actively attempted to mislead the market, so far as the high bar the Takeovers Panel use, is quite another thing. I discussed this with another large minority shareholder the other day.

If we remove ourselves from the current attempted theft of our business...we would hopefully agree that the high bar the TO panel use is a necessary evil. Otherwise, there would be zero takeovers because anyone could say the purchaser is misleading the market because they used an 'incorrect' valuation methodology. It would become chaos.

And I do believe shareholders do have some responsibility to understand the business they own, and form their own view of how much their business is worth. I mean, if they don't understand the underlying value of their business - why own it in the first place?

There will be a number of small parcel shareholders who have just bought into NZOG as a punt, and will have no real understanding of the business or how much it is worth. We would not be able to influence these speculators even if we tried.

Fortunately, there is a very solid base of large minority holders who also disagree with the valuation methodology and will be voting NO accordingly. If OGOG manage to get an incredibly high voter turnout, and managed to convince an enormous amount of unsuspecting shareholders to vote YES by phoning them and begging them...then maybe they could get this over the line. But I still think that the odds of OGOG succeeding are slim if not zilch.

All that matters now is the vote tally next Thursday.

Oh and I did find the response from Pagani that James included in his powerpoint very amusing. John Pagani has never been rude to me like that, however I have seen emails he has sent to others he does not like - very unprofessional!

[mistaTea]

http://nzx-prod-s7fsd7f98s.s3-websit...916/311380.pdf

Is this standard practice?

[RTM]

http://nzx-prod-s7fsd7f98s.s3-websit...916/311380.pdf

Is this standard practice?

Sorry....don't know.
Hope it galvanises those who may not have voted to get out and vote AGAINST.

[blackcap]

http://nzx-prod-s7fsd7f98s.s3-websit...916/311380.pdf

Is this standard practice?

Its not something I have seen before. However with a "normal" takeover every 1% increment is usually announced by the bidder when acceptances flow in. But this is showing voting intention which I have never seen before. Wonder what the play is here.

[mistaTea]

Wonder what the play is here.

Very curious.

If it is not a compulsory course of action, then OGOG are choosing to do this.

If that is true, then why would OGOG choose to make NZOG announce daily progress?

Well, they wouldn't choose to do this if the current voting tally was in their favour - if they had it in the bag.

So I would have to assume that they are well short of the required votes, and by publishing the results daily they hope to galvanise fence-sitters to take action and vote for the scheme.

A hope that will be in vain.

[blackcap]

NZSA has just come out and stated that they will vote proxies AGAINST the Scheme.

Gist of it is they are still not happy with valuation methodologies and also say independent directors not good enough job extracting value for shareholders and credibility undermined by recommending initial 62 cent offer which was subsequently raised to 74.

[mistaTea]

NZSA has just come out and stated that they will vote proxies AGAINST the Scheme.

Gist of it is they are still not happy with valuation methodologies and also say independent directors not good enough job extracting value for shareholders and credibility undermined by recommending initial 62 cent offer which was subsequently raised to 74.

Do you have a link or other information source you can share? Fantastic news, and they are dead right - what credibility do the 'independent' directors have now (if they ever had any)? They jubilantly expounded the benefits to shareholders for selling out @62c. After watching which way the wind was blowing, oopsie! Did we say 62c? No that was silly...increase that by 20% to 74c...

When this latest attempt fails, it will be even more confounding if OGOG come back with 85c later on! Let's hope they are true to their word and let it be after this.

[blackcap]

Do you have a link or other information source you can share? Fantastic news, and they are dead right - what credibility do the 'independent' directors have now (if they ever had any)? They jubilantly expounded the benefits to shareholders for selling out @62c. After watching which way the wind was blowing, oopsie! Did we say 62c? No that was silly...increase that by 20% to 74c...

When this latest attempt fails, it will be even more confounding if OGOG come back with 85c later on! Let's hope they are true to their word and let it be after this.

I do have a pdf, but its subscription material (for every listed company meeting they have a commentary about the resolutions and which way they intend to vote and why) so I am not really sure how much I am allowed to divulge/pass on etc.

But its good news and shows that the NZSA has not bowed to any pressure either.

https://www.nzshareholders.co.nz/

I see its behind a lock on their website so the only suggestion I can pass on to any shareholders is to join, give them your standing proxy (for all nz listed companies) and also get a wealth of information. They also report on all AGM's with their insight etc. Only $145 (from memory) per annum.

[digger]

NZSA has just come out and stated that they will vote proxies AGAINST the Scheme.

Gist of it is they are still not happy with valuation methodologies and also say independent directors not good enough job extracting value for shareholders and credibility undermined by recommending initial 62 cent offer which was subsequently raised to 74.

I did an update at the last Hamilton NZSA meeting. Spoke about the failure of the 62 cent SOA and stated that the 74 cent one is still miles too low. I thanked the NZSA for voting against the 62 cent offer and concluded by asking that NZSA vote against the 74 SOA as well.
Great to hear that that is the case ,but until now I was left wondering what NZSA was up to. Was just about to email them for an update,so good to get this report Blackcap

[blackcap]

https://www.nbr.co.nz/story/credibil...ors-questioned

Behind the paywall but commenting on the NZSA thing I posted yesterday.

Also voting intentions are out. 40% votes cast. Already more Against then For.