NZ Oil & Gas (NZO)

[Marilyn Munroe]

Whoever is chosen to provide the independent advisers report is a tell as to whether an offer is in the best interests of minority shareholders.

Boop boop de do
Marilyn

[Vaygor1]

Excerpt from today's SoA voting results announcement:

"795 minority shareholders, representing 68.89% of the total number of minority shareholders voting, voted in favour of the scheme resolution. 359 minority shareholders, representing 31.11% of the total number of minority shareholders voting, voted against."

Why is NZO feeding the public this completely useless and irrelevant information?
I can think of no other reason that it made the author feel better about himself/herself.

Needed three quarters of minority ownership to agree.
Barely got a third.

Put a fork in it. It's done.

[mistaTea]

Excerpt from today's SoA voting results announcement:

"795 minority shareholders, representing 68.89% of the total number of minority shareholders voting, voted in favour of the scheme resolution. 359 minority shareholders, representing 31.11% of the total number of minority shareholders voting, voted against."

Why is NZO feeding the public this completely useless and irrelevant information?
I can think of no other reason that it made the author feel better about himself/herself.

Needed three quarters of minority ownership to agree.
Barely got a third.

Put a fork in it. It's done.

It’s the same reasoning that made them think jubilantly endorsing the notion that Ironbark only has a 5% probability of success was a reasonable thing to do.

The final AGAINST vote tally should have them all feeing incredibly embarrassed.

No doubt they are - but ego is such that they will never publicly admit they totally misunderstood their minority shareholder base and cocked up big time here.

For some of those involved, there may even be some spite creeping in whereby they actually hope Ironbark fails now so that they can feel vindicated.

[Xerof]

Excerpt from today's SoA voting results announcement:

"795 minority shareholders, representing 68.89% of the total number of minority shareholders voting, voted in favour of the scheme resolution. 359 minority shareholders, representing 31.11% of the total number of minority shareholders voting, voted against."

Why is NZO feeding the public this completely useless and irrelevant information?
I can think of no other reason that it made the author feel better about himself/herself.

Needed three quarters of minority ownership to agree.
Barely got a third.

Put a fork in it. It's done.

absolute sour grapes. Well done guys and gals, shareholder participation in such decisions is alive and well. The troughers are still a few years behind in understanding the games are over

[Ripping]

Very glad that the SoA was defeated - congratulations and thanks to those players who pushed against it.
Is there a recording or transcript of the Q & A session that took place ?

[blackcap]

Very glad that the SoA was defeated - congratulations and thanks to those players who pushed against it.
Is there a recording or transcript of the Q & A session that took place ?

No there is not. We were warned that all recording devices needed to be turned off and that a requirement upon entering the meeting was no recording. (The implication was for both audio and video)

[Leftfield]

I suspect ACC must have turned up and voted against at the Special Meeting for the AGAINST votes to leap up from 13.8M to 17.4M.
A drubbing like that makes Dr Archer's opening remarks all the more embarrassing really.
Her ego will demand that she jsutify her actions to herself, but clearly the vast majority of minority shareholders engaged in the process don't buy it.
Bring on Ironbark indeed!

Well done to all on this site who worked against the sale. It's been fascinating watching from the sidelines for this non holder. Congratulations.

[mistaTea]

"Imagine if we drilled Ironbark, and it came in unsuccessfully. Then imagine that as a shareholder you discovered a report exists, from which a 5 per cent chance of success at Ironbark can be derived. And then imagine that you found out the independent directors knew about it, and had not alerted you to it."

Though she may have a PHD, Rosalind is not as smart as she thinks she is.

The SRK report was presented when NZOG farmed in to Ironbark. It's purpose was for Cue shareholders to help them assess whether or not the terms of the NZOG farm in were reasonable.

So, if the SRK report inferred a 5% commercial success probability, why did our Independent Directors not come to us then? Since they have made a big fuss out of the fact Ironbark is a pure gamble, surely if they truly had our interests at heart they would have had a duty to let us know back then?

The only commentary at the time was Andrew Jeffries' and the previous Chairman's excited and very bullish statements about what a wonderful, world-class opportunity it is. How BP taking over as Operator and purchasing such a large equity stake was a strong vote of confidence in the drill...

Why did Rosalind and Rod only point the 5% out to us once their Masters (I mean majority shareholder) came forward with a takeover bid? Oh that's right - because it's complete bullsh1t.

The more Rosalind talks, the more she gets herself into trouble.

I am sure she is brilliant in academia, but the woman has no common sense and is a terrible representative for minority interests.

[percy]

Well done to all on this site who worked against the sale. It's been fascinating watching from the sidelines for this non holder. Congratulations.

I second that.
Just wish the high standard of posting was on other threads as well.

[Beagle]

Down the ski slope the share price goes. Broken down through the 100 day moving average today. Maybe 50 cents is on the cards again even before the next drill ?... seeing as the majority (by number), of minority shareholders wanted out.

Ironic how these things often work...was less than 50 cents before the proposed scheme of arrangement was tabled and despite everyone thinking its definitely worth more I suspect the chances of it reverting back to where it started from are very good.

That won't worry the hard core diggers, punters and enthusiasts though, they'll be keen to stump up even more money for a larger punt on the drill.
Ironbark...such a good solid name.