Source: New Zealand Oil and Gas – Press Release/Statement:
Headline: O.G. Oil & Gas Reaches Over 36% Of New Zealand Oil & Gas Shares With Its Partial Takeover Offer
O.G. Oil & Gas (Singapore) Pte. Ltd. has received acceptances under its partial takeover offer which, together with its current shareholding in New Zealand Oil & Gas Limited, total more than 36% of New Zealand Oil & Gas’s fully paid ordinary shares.1
The acceptances received include 5,971,826 shares tendered by Bermuda Commercial Bank Limited and UIL Limited, associates of Zeta Energy Pte Limited (“Zeta”), together representing approximately 3.7% of New Zealand Oil & Gas’s fully paid ordinary shares currently on issue. Zeta, which holds an additional approximately 17% of New Zealand Oil & Gas’s fully paid ordinary shares currently on issue, has indicated that it intends to accept OGOG’s offer once OGOG receives a positive indication that the Overseas Investment Office will provide its consent.
OGOG is offering to acquire up to 67.55% of the New Zealand Oil & Gas shares it does not already hold or control at a price of 78 cents per share (reduced for distributions as outlined in the offer document for OGOG’s offer).2 In order for the offer to meet its minimum acceptance threshold, OGOG only needs to receive acceptances from and/or own shares representing more than 50% of New Zealand Oil & Gas’s voting rights. The offer will close on 9 December 2017 (unless extended in accordance with the Takeovers Code).