NZOG shareholders split on deal; shares drop

Fri, 08 Nov 2019

The independent directors of New Zealand Oil & Gas have failed to get maximum value for their shareholders, says the New Zealand Shareholders’ Association, which plans to vote its proxies against the planned takeover by Ofer Global.The association says there are legitimate questions about asset valuations and the “adequacy” of the offer for longer-term investors in the Wellington-based explorer.It says the revised and final 74 cents being offered by 70 percent shareholder OG Oil & Gas appears to only value NZOG’s current production asse...

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