Z Energy Scheme of Arrangement completes
Z Energy Limited (NZX/ASX: ZEL) (“Z”) advises that the Scheme of Arrangement (“Scheme”) with Ampol Limited (“Ampol”) has become unconditional, all shares in Z have been transferred to Ampol Holdings NZ Limited and direct credit payments to holders of Z shares as at 7:00pm (New Zealand time) on the Record Date of 3 May 2022 have commenced.
Abby Foote, outgoing Chair of Z said, “On behalf of Z Energy I would like to thank everyone that has worked so diligently and tirelessly on the Scheme implementation. Thank you to our advisors Chapman Tripp and Goldman Sachs, the Z executive team led by Mike and Lindis and all the Z employees. Finally, thank you to my fellow Board members who have remained engaged and focussed on obtaining the best outcome for our shareholders throughout this process.
I would like to extend a welcome to the incoming Board of Z and look forward to seeing the progression of Z under Ampol ownership and further momentum towards Z’s purpose of solving what matters for a moving world,” added Abby.
Z shares will be de-listed from the NZX Main Board and ASX at the end of day today. Z bonds (ZEL050 and ZEL060) will remain quoted on the NZX Debt Market.
Matt Hardwick
Corporate Affairs Manager
matt.hardwick@z.co.nz
Ph +64 (0)27 787 4688
Markets News
US markets rallied on Friday night as traders began thinking an economic slowdown would stop the US Federal Reserve from hiking interest rates.
The medicinal cannabis company has signed a three-year deal with Harker Herbal Products.
All five of the analysts’ reports BusinessDesk has seen have either “overweight” or “outperform” investment recommendations on Fletcher shares.
Bear markets can be stressful but they also present opportunities for investors, says Salt Funds' Greg Fleming.
Peter McIntyre, an investment adviser at Craigs Investment Partners, said it had been a “strong performance” in today’s market.
The head of the multinational logistics group says having container cranes sitting idle across the country is a waste of assets
The zero-brokerage fee share trading platform is looking for ways to bring in revenue and make its business model more sustainable.
Fletcher Building achieved second-half profit margins of 9.5%, just below its target of 10% by the 2023 financial year.
Eroad had a second day as the index’s biggest decliner, falling more than 5% to $1.57 and bringing its decline over the past year to almost 75%.
Fletcher's new plant at Tauriko, due to open next year, will increase industry capacity by 30%.
Even under a “bear-case scenario”, the house building pipeline should support Fletcher’s medium-to-long-term performance.
Some investors in NZ’s market took the opportunity to buy up “beaten up” stock on the index today, Devon Funds' Greg Smith said.
Trading volumes were unusually light, with US markets closed tonight for a national holiday.
The shareholder representatives say the Fletcher board must bear ultimate responsibility for the company’s poor performance and the Gib plasterboard shortage.
NZME has only spent $5.3m of the $30m set aside for share buybacks.
Are banks being too slow to raise term deposit rates? Some analysts say yes.
Peter McIntyre, an investment adviser at Craigs Investment Partners, says New Zealand’s market has been "reliably well-behaved over the course of the day".
The firm has doubled its headcount and is looking to raise capital to expand its manufacturing and engineering focus into green hydrogen applications.
Meridian says the fact that Australia's electricity market has turned into a train wreck shows its decision to pull out was the right one.
The Ministry for Primary Industries estimated Fonterra’s restructuring would cost the average farmer between $135,000 and $400,000.
New Zealand's biggest transport operator plans to have its first 10 dual-fuel hydrogen trucks on the road next year.
Oanda market analyst Edward Moya said the absence of a Bitcoin rally could be a troubling sign for some investors.
Sky TV and MediaWorks will be brushing themselves off after a bruising response to their proposal scotched a SkyWorks deal.
Sky TV has backed away from a dalliance with radio and outdoor advertising.