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Thread: ZEL - Z Energy.

  1. #2501
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    Quote Originally Posted by Louloubell View Post
    Slowly becoming crunch time in the takeover bid. This bid going ahead or another suitor?
    Not to worry, if all fails, this could be a good div paying stock. Monday 11/10/21 should be another update. No other suitor as far as I know. We should forget about Ampol and their poxy offer and look forward to the next div.

  2. #2502
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    Off 4c today on volume of 2m
    Leaky ship?

  3. #2503
    Speedy Az winner69's Avatar
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    Long lunch and champagne flowing at Shed 5 ….Z execs local
    “ At the top of every bubble, everyone is convinced it's not yet a bubble.”

  4. #2504
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    As long as they don't pay the bill with our divvies 🤣

  5. #2505
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    NZ Herald's stock take :

    "Z Energy shareholders will soon find out whether Ampol is prepared to up the ante for the fuel supplier.

    In August, Z Energy received a non-binding indicative offer from the Aussie retail fuels company at $3.78 a share.

    Late last month, Z Energy advised that the original four-week exclusivity period with Ampol had been extended by a further two weeks, "to enable outstanding matters to be addressed" and to determine whether key terms can be agreed.

    "There is no certainty that discussions between Z and Ampol will result in any agreement on a transaction," Z Energy said at the time.

    Now, Z Energy expects to provide an update to the market on or before Monday.

    The two-week extension suggests behind-the-scenes haggling, and a revised offer price of somewhere north of $4.00 a share is seen in the market as being more realistic.

    The conversion of the Refining NZ facility at Marsden Point from a refinery to a terminal - expected to take place in the first half of next year - is understood to have made Z Energy a far more attractive prospect, hence Ampol's interest.

    "The market will be looking for a better price," said Mark Lister, head of private wealth research at Craigs Investment Partners.

    "My suspicion is that many market participants will view this bid as being a little bit opportunistic, and would like to extract a bit more out of the acquirer."

    "There might be a bit more water to go under the bridge on this in terms of negotiations," Lister said. "But from what we see so far, it is far from a knockout blow and I suspect this one will drag on for a bit."

    But even at $4.00 a share, Z Energy is still 50 per cent down from its 2016 high of just over $8.

    "For long-suffering Z shareholders - who have endured a pretty ugly ride in terms of returns - they would not feel great about a $4.00 bid," Lister said.

    The industry's outlook is clouded by the eventual replacement of petrol driven cars by electric vehicles.

    "While electric cars are where things are headed, the timeframe for that is debatable," Lister said. "Many would suggest that petrol - and ways to fuel them - will exist for a while yet."

    Z Energy comprises some of the former assets of Shell New Zealand and Chevron New Zealand."

  6. #2506
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    Anybody have a sub to the Australian?

    "AMPOL eyes NZ service station IPO" published 1 hour ago.

  7. #2507
    Speedy Az winner69's Avatar
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    AFR says - It’s down to the short strokes at Ampol and Kiwi counterpart Z Energy, who spent the weekend in back and forth talks to try to iron out a few minor sticking points.

    the champagne at Shed5 Friday no doubt celebrating the ‘in principle agreement, while back room guts cross the t’s and dot the i’s
    Last edited by winner69; 11-10-2021 at 04:05 AM.
    “ At the top of every bubble, everyone is convinced it's not yet a bubble.”

  8. #2508
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    Quote Originally Posted by McPussPuss View Post
    Anybody have a sub to the Australian?

    "AMPOL eyes NZ service station IPO" published 1 hour ago.
    its in relation to them ipo of nz assetts if the z takeover goes ahead. i think z were trying to get them to do this option as part of negoiations
    one step ahead of the herd

  9. #2509
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    Should be some announcement today, being the deadline for one.
    But I doubt there will be anything too definitive yet. Would like to be wrong though.
    I'm a long time holder and not that fussed on selling.

  10. #2510
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    Z Energy Board unanimously recommends Scheme of Arrangement - NZX, New Zealand’s Exchange

    Z Energy Limited (NZX/ASX: ZEL) (“Z”) has entered into a binding Scheme Implementation Agreement with Ampol Limited (ASX: ALD) (“Ampol”) under which it is proposed that Ampol acquire all the shares of Z by means of a Scheme of Arrangement (“the Scheme”).

    Highlights
    • Under the Scheme, Z shareholders would receive a cash offer price of NZ$3.78 per share and will also receive the first NZ$0.05 per share of the interim FY22 dividend without adjusting the cash offer price, resulting in overall value to Z shareholders of NZ$3.83 per share.

    • If the Scheme has not been implemented by 31 March 2022, the final cash consideration will be progressively increased to reflect FY23 performance, up to a limit of NZ$0.10 per share.

    • The Z Board unanimously recommends that shareholders vote in favour of the Scheme, subject to the Scheme consideration being within or above the valuation range specified by the independent advisor and in the absence of a Superior Proposal being made for Z (as defined in the transaction agreement).

    • The Scheme is subject to a number of conditions including regulatory approvals from the New Zealand Commerce Commission (NZCC) and New Zealand Overseas Investment Office (OIO).

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