Receipt of takeover notice – take no further action

Posted on 18 September 2017

New Zealand Oil & Gas has today received notice under rule 41 of the Takeovers Code from O.G. Oil & Gas (Singapore) Pte. Ltd. of its intention to make a partial takeover offer to acquire 67.55% of each class of the shares in New Zealand Oil & Gas it does not already hold or control, for NZ$0.77 per share.

If successful, the proposed offer would result in O.G. Oil & Gas holding or controlling up to 70 per cent, but in any case more than 50 per cent, of the voting rights in New Zealand Oil & Gas.

A copy of the O.G. Oil & Gas Takeover Notice, and the documents that accompanied it, are attached.  The board of New Zealand Oil & Gas has formed an independent response committee to oversee its response. 

The independent response committee is the same as the committee responding to the partial takeover offer from Zeta Energy Pte Limited. The committee members are Rodger Finlay, Rosalind Archer, Rod Ritchie and Mark Tume. 

The independent response committee is not in a position to comment further at this stage. The committee will meet as soon as possible to assess the O.G. Oil & Gas Takeover Notice in detail. The committee will also immediately proceed with the appointment of an independent adviser and fulfilment of its other obligations under the Code. 

The independent response committee recommends that New Zealand Oil & Gas shareholders TAKE NO ACTION in relation to the O.G. Oil & Gas Takeover Notice until shareholders receive further guidance.

New Zealand Oil & Gas is required by the Code to prepare a target company statement. It will be released to the NZX and shareholders along with the independent adviser’s report within 14 days after O.G. Oil & Gas sends an offer document to shareholders.

Shareholders who are considering selling their shares before then are recommended to seek their own professional advice.