NZSA to oppose NZOG take-out

Mon, 07 Oct 2019

Ofer Global Group’s planned buy-out of the minority holders in New Zealand Oil & Gas is “opportunistic” and will be opposed by the New Zealand Shareholders’ Association. The association notes the 62 cents-a-share offer from OG Oil & Gas – to be effected through a scheme of arrangement – values the company at $101.6 million. That is $3.7 million less than NZOG’s cash holdings at June 30 and $44.4 million less than the firm’s equity at the same date. But it is OGOG’s previous strong endorsement for keeping its 70 percent-owned subsidiary li...

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