NZ Oil & Gas to return $60M to shareholders via reduction, won't pay dividends

Mon, 03 Nov 2014

By Jonathan Underhill Nov. 4 (BusinessDesk) - New Zealand Oil & Gas, the listed energy explorer, will return about $60 million to shareholders, saying cash on hand will be more than it needs to grow its business as production ramps up at the Tui field. The Wellington-based company plans to make a capital reduction amounting to 15 cents a share and will call a special meeting to seek shareholder approval, chairman Peter Griffiths said at the annual meeting today. A meeting would likely be held before Christmas. "The company has a robust...

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