NZ Oil & Gas says Zeta partial takeover undervalues company, urges shareholder to reject it

Fri, 15 Sep 2017

By Jonathan Underhill Sept. 15 (BusinessDesk) - New Zealand & Gas independent directors have recommended shareholders reject a partial takeover offer from ASX-listed Zeta Resources because it undervalues the company and favours capital return over investment for growth. An independent valuation of NZOG by Northington Partners values the company at 78 cents to 93 cents a share, above Zeta's 72 cent offer, which the directors said was inadequate and "appears to take no account of exploration upside, which while risky, could be significant."...

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