Posted on 05/09/2019
Initial orders have been received from the High Court for the New Zealand Oil & Gas scheme of arrangement.The court has ordered a special meeting of New Zealand Oil & Gas shareholders to be held to consider and vote on the proposed scheme of arrangement with O.G. Oil & Gas (Singapore) Pte. Ltd. ("OGOG").
Initial orders have been received from the High Court for the New Zealand Oil & Gas scheme of arrangement.
The court has ordered a special meeting of New Zealand Oil & Gas shareholders to be held to consider and vote on the proposed scheme of arrangement with O.G. Oil & Gas (Singapore) Pte. Ltd. ("OGOG").
If the scheme of arrangement is approved by shareholders, and other conditions are satisfied, OGOG will acquire the 30% of New Zealand Oil & Gas shares it doesn’t already own for $0.62 per share. Conditions of the scheme include consent under the Overseas Investment Act and final court approval.
The independent directors of New Zealand Oil & Gas unanimously recommend that shareholders vote in favour of the scheme, subject to the scheme price being within or above the valuation range specified by an independent adviser, and in the absence of a superior proposal.
A scheme booklet, setting out the reasons for the independent directors' recommendation, further information about the scheme, the independent adviser's report and a notice of meeting will be released to NZX and published on the New Zealand Oil & Gas website next week. The scheme booklet will also be sent to all shareholders.
The special meeting is expected to be held in October.
A copy of the initial court orders is attached.