ZEL
23/09/2015 08:30
ASSET
PRICE SENSITIVE
REL: 0830 HRS Z Energy Limited
ASSET: ZEL: Chevron New Zealand acquisition transition planning update
Following the 2 June 2015 announcement of the proposed acquisition of Chevron
New Zealand (CNZ), transition teams from both Z and Chevron South Asia
Holdings Pte. Ltd (Chevron) have been working to reach cutover readiness in
order to facilitate an orderly transition which maintains the mutual
commitment to health and safety standards, customer service and supply chain
integrity.
As a result of the transition preparation activities, Z now considers that it
has more informed perspectives regarding the integration benefits which are
anticipated following settlement of the transaction. Furthermore, with the
passage of time Z has a better perspective regarding the recent performance
of CNZ and accordingly it is appropriate to update the market in relation to
progress since announcement of the acquisition.
End CA:00270550 For:ZEL Type:ASSET Time:2015-09-23 08:30:14
