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Zeta lines up NZOG takeover bid

By  Thursday, 10 August 2017 00:18
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ASX-listed investment company Zeta Resources is making a partial takeover bid to acquire up to 41.955% of New Zealand Oil & Gas shares that it does not already own.

Its Singapore-based subsidiary Zeta Energy is seeking to control at least 50.01% of voting rights in NZOG and plans to offer NZ$0.72 per share.

Zeta Energy is currently the largest shareholder in NZOG holding approximately 17.5% of voting rights. Associates of Zeta control an additional 3.7%, making a total of about 21.20%.

Zeta said NZOG’s second largest shareholder, Bermuda-based global fund manager ICM, holding approximately 8.3% of voting rights, has also agreed to accept the offer.

Last November, NZOG agreed to sell its 15% interest in the Kupe gas and light oil fields and production station to Genesis Energy for US$119 million.

In February, the firm accepted Tamarind Management’s offer for its 27.5% interest in the Tui area oil fields off Taranaki. Tamarind will pay NZOG $750,000 in exchange for all shares in its Tui holding company. 

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