NZ Oil & Gas (NZO)

[mistaTea]

http://nzx-prod-s7fsd7f98s.s3-websit...087/311574.pdf

Game over.

[trader_jackson]

interesting that most shareholders have voted for the scheme (outnumbering those against by over 2:1). I suppose there are many who are just happy to get some money for their NZO shares higher than the share price has been for years.

[mistaTea]

interesting that most shareholders have voted for the scheme (outnumbering those against by over 2:1). I suppose there are many who are just happy to get some money for their NZO shares higher than the share price has been for years.

I think about 4 million shares traded around 62c. Then a chunk more around 72c.

I imagine Most of these shares would have voted for the deal to try and make a quick gain.

Virtually zero long term investors would stand for this clumsy attempt to fondle us.

[mistaTea]

Haha my old mate talking to the NBR - his incredible depth of understanding around microcap stocks’ trading patterns is breath taking.

He finishes up with NZOG soon - I am sure Warren Buffett will strike while the iron is hot to gain his services for Berkshire Hathaway.

And here I was thinking that illiquid small cap stocks more often than not have discrepancies between price and intrinsic value! But therein lies the opportunity!

“ NZO spokesman John Pagani said the company did not generally comment on the share price, “but as a general issue you would expect that if the market valued the company above the offer and voting indicated it would not be carried, the share price would go up.”

I should know by now that efficient market theory is fully applicable to NZOG! Damn.

[Independent Observer AUNZ]

After all the back and forth on this forum, I'm now tempted to dip in if the price reverts to 62c. Looks like a wild ride to be a holder!

[digger]

http://nzx-prod-s7fsd7f98s.s3-websit...087/311574.pdf

Game over.

Yes looks like it. I will not bother getting a flight. At the last day I can always drive to Wellington if necessary.
Some small holders might change their minds but the larger holders are firm and against the second low ball offer. This is very good news for OGOG as Ironbank has only a 5% chance of success,according to there own bulls-t so by this failing they are able to off load some of the risk onto us. Good tops.
Bring on Ironbank

[mistaTea]

https://www.nbr.co.nz/story/votes-add-rejection-nz-oil-gas-takeover

Latest NBR describing the spanking management just received from minority holders.

Asked whether independent directors Rosalind Archer and Rod Ritchie would resign if the shareholders’ rejection of the deal was confirmed, he said they would not.
“No grounds exist for them to resign,” he said.
“You would have to say, given the offer is a 50% premium to where the share price was, would people seriously say they didn’t want independent directors to put that offer in front of them?”

Actually, John the Wise, I would expect the majority owner of the business to approach minority holders first to get a sense of what price would be reasonable before proceeding. Confidentiality Agreements can be singed preventing said shareholders from saying anything etc to prevent insider trading.

Fairfax and the Tower Insurance Board did this very thing before launching a takeover bid. Their bid ultimately failed because Vero swooped in and effectively blocked them...however Fairfax had the blessing of two very large shareholders before they made their move.

The fact these guys don't think they should all resign, and actually seem to think that minority shareholders should be grateful for their attempt at a stick-up just blows my mind.

[Wiremu]

Like everything that seems to be coming out of NZO these days the critical piece of information is missing.

The vote is all about the votes of minority shareholders, so it lists the % of votes cast which is meaningless unless 100% of minority shareholders vote, the % of all voting rights in the company which is completely meaningless in this context, and nowhere does it show the % of minority votes cast which is the only statistic with any relevance whatsoever.

Instead we have to caculate that ourselves if we want to understand what is going on. I now think i can see how they get 5% out of 25%, they use meaningless figures.

[mistaTea]

Like everything that seems to be coming out of NZO these days the critical piece of information is missing.

The vote is all about the votes of minority shareholders, so it lists the % of votes cast which is meaningless unless 100% of minority shareholders vote, the % of all voting rights in the company which is completely meaningless in this context, and nowhere does it show the % of minority votes cast which is the only statistic with any relevance whatsoever.

Instead we have to caculate that ourselves if we want to understand what is going on. I now think i can see how they get 5% out of 25%, they use meaningless figures.

Absolutely wiremu - there are too many of these creative uses of statistics now to put it down to chance or just plain ignorance.

have just had one hell of a spanking - and a very public one too. So they will use whatever statistics that can to try and save face.

NBR posted a comment of mine, however Tim Hunter edited out a crucial sentence. He did not want to sully the NBR with my rantings.

I suggested John the Wise stick to licking envelopes and leave market speculation to those who have a clue.

I mean, I thought it was pretty funny.

[mistaTea]

... and nowhere does it show the % of minority votes cast which is the only statistic with any relevance whatsoever.

For those who can't be bothered pulling out the calculator...of votes cast as at 5PM Sunday...62.4% have rejected the offer.

As wiremu points out, that is the only statistic that is meaningful. With a result like that, instead of offering options of FOR and AGAINST it should have been out of FOR and UP YOURS.