NZOG to make $100 million capital return via share cancellation

Tue, 07 Mar 2017

By Paul McBeth March 8 (BusinessDesk) - New Zealand Oil & Gas plans to return $100 million of the $168 million it reaped on the sale of its stake in the Kupe oil and gas fields through a court-approved share cancellation. The Wellington-based company signalled the payment when it sold the Kupe investment, and today said it will do so via a scheme of arrangement to cancel one out of every two shares for a payment of 62.7 cents per share. Part-paid shares issued as part of NZOG's employee share scheme won't participate in the capital retur...

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