New Zealand Oil and gas
SHAREPRICE

Scheme Of Arrangement – Financial Information

Posted on 10 March 2017

On 8 March New Zealand Oil & Gas announced its intention to seek a court-approved scheme of arrangement to return $100 million of capital to shareholders.

New Zealand Oil & Gas will today file an application in the High Court for initial orders to begin the process implementing the scheme.

As part of its filing, New Zealand Oil & Gas is presenting the High Court with some key financial information.  This information shows the impact of the Kupe and Tui sale transactions on New Zealand Oil & Gas' 31 December 2016 financial position. 

It also shows the impact of the $100 million return of capital on this adjusted position. The relevant financial information is included in the schedule to this announcement, and should be read subject to all the notes and qualifications stated.

As previously advised, the implementation of the scheme will be conditional on:

  • approval by shareholders at a special meeting
  • a binding ruling from Inland Revenue that the return of capital under the scheme is not in lieu of a dividend,and
  • final court approval.

A shareholders' meeting is expected in April to consider the scheme.  

If shareholders approve the scheme, and the binding ruling is provided by Inland Revenue,  final court orders will be sought to implement the scheme.  Subject to receipt of this court approval, the scheme should become effective in late May.  Any update to this timetable will be announced to NZX.