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NEW ZEALAND OIL & GAS RECOMMENDS SCHEME OF ARRANGEMENT WITH O.G. OIL & GAS AT $0.62 CASH PER SHARE
Scheme price agreed at $0.62 per share in cash for all of the approximately 30 per cent of New Zealand Oil & Gas fully paid ordinary shares that O.G. Oil & Gas does not already own.
Price is a 25% premium to Tuesday’s closing price.
Independent directors unanimously recommend shareholders vote in favour of the scheme, subject to the independent adviser's report concluding that $0.62 per share is within or above its valuation range.