NZOG to offer 40M share buyback

Tue, 30 Aug 2016

By Pattrick Smellie Aug. 30 (BusinessDesk) - New Zealand Oil & Gas is to make a tender offer to shareholders to accelerate the buy back of up to 40 million shares, the company announced. Timed for Sept. 16, the initiative is intended to "create a liquidity event that should spur trading" and allow shareholders to cash out at a premium to the current share price of 50 cents a share, unchanged since yesterday. "The maximum price the company intends to pay in the tender is 55 cents, which is a premium of 13.5 percent to the 30-day weight...

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