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Posted on 8 October 2015
Targeted Share Buy Back
From time to time employees of New Zealand Oil & Gas Limited (NZOG) (or a company within the NZOG group) are offered partly paid shares in NZOG pursuant to an Employee Share Ownership Plan (ESOP).
The Trustee, NZOG Services Limited, holds those shares on trust until such time as the employee is transferred legal ownership of the shares in accordance with the rules of the ESOP.
The Trustee is required to sell the shares held for an employee if the employee's interest in the shares is forfeited. This may happen, for example, where the employee's employment is terminated or they do not pay the balance of the issue price due for the shares under the rules of the ESOP. The Trustee's current practice is to sell these forfeited shares on-market, however this can have a negative effective on the market price of NZOG shares.
As an alternative option, the directors of NZOG have resolved that NZOG may buy back some or all of the ESOP shares required to be sold by the Trustee (Targeted Shares), off-market (Buy Back Offers). The consideration to be paid for the shares under the Buy Back Offers will be a price within the buy and sell quotes of NZOG shares trading on NZX Main Board at any time on the date of acquisition.
NZOG makes the following notifications in accordance with Listing Rule 7.6.2:
1. NZOG will make Buy Back Offers as described above in the period from 14 October 2015 to 28 September 2016 (Offer Period).
2. The Targeted Shares are ordinary shares.
3. The maximum number of Targeted Shares to be acquired by NZOG under Buy Back Offers during the Offer Period will be 2,000,000.
Ralph Noldan
Company Secretary
Attachment: News Release
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New Zealand Oil & Gas Ltd.
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CODE : NZO.AX |
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New Zealand Oil & Gas est une société de production minière de pétrole et de gaz basée en Australie. New Zealand Oil & Gas est cotée en Australie. Sa capitalisation boursière aujourd'hui est 163,0 millions AU$ (106,5 millions US$, 99,3 millions €). La valeur de son action a atteint son plus haut niveau récent le 16 juillet 2010 à 0,78 AU$, et son plus bas niveau récent le 09 juin 2023 à 0,32 AU$. New Zealand Oil & Gas possède 392 842 727 actions en circulation. |