NZ Oil & Gas launches stand in the market to buy back up to 40 mln shares

Thu, 15 Sep 2016

By Jonathan Underhill Sept. 16 (BusinessDesk) - New Zealand Oil & Gas, the unprofitable energy explorer, has launched a stand in the market to buy back as many as 40 million shares, creating a "liquidity event" for the thinly traded securities. The company has hired brokerage First NZ Capital to buy shares for as much as 55 cents apiece, a price it last reached in mid-2015. The biggest single day of trading in the past two years was on March 20 last year, when 8.95 million shares changed hands. The stand will begin at 1pm New Zealand t...

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