NZOG Shareholders Reject OGOG Takeover Offer
New Zealand Oil & Gas (NZOG) November 14 said its minority shareholders have rejected a takeover proposal by OG Oil & Gas (OGOG).
“To proceed, the scheme required 75% of the votes cast by minority shareholders (shareholders other than OGOG) to be in favour of it. 36.84% of the votes of minority shareholders were in favour of the scheme resolution and 63.09% were against,” the company said.
NZOG said that since the scheme has not been approved by the required majority of votes cast, it cannot move forward to court approval. “It is anticipated that the scheme implementation agreement with OGOG will be terminated and the scheme will not proceed,” it said.
Earlier this year, Singapore-based OGOG, the oil and gas arm of Ofer Global and 70%-owner of NZOG, offered a 25% premium to buy out minority holders in NZOG.
NZOG has a small stake in the Kupe gas field and Maari oil field through its Cue Energy subsidiary. It has major stakes in the Clipper and Toroa exploration permits off the South Island and a 15% direct interest in the Ironbark project off north-western Australia.