Z Energy welcomes shareholder vote
GENERAL
Fri, Aug 06 2021 02:24 pm
Z Energy (NZX/ASX: ZEL) “Z” welcomes the decision by the shareholders of The New Zealand Refining Company (NZX: NZR) to vote in favour of the proposal to convert NZR’s Marsden Point site into a dedicated fuel import terminal.
Commenting on the outcome of the shareholder vote, Z CEO Mike Bennetts said, “The move to an import terminal opens several areas of value to Z, operationally and financially. It will mean a significant reduction in our working capital as we will hold less crude and will mean reduced earnings volatility from no exposure to refining margins meaning greater investor confidence.”
Matt Hardwick
Corporate Affairs Manager
[email protected]
Mob +64 (0) 27 787 4688
Announcement PDF
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