NZO
08/10/2015 09:42
BUYBACK
PRICE SENSITIVE
REL: 0942 HRS New Zealand Oil and Gas Limited
BUYBACK: NZO: New Zealand Oil & Gas Limited: 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
John Pagani
External Relations Manager
+64 21 570 872
End CA:00271450 For:NZO Type:BUYBACK Time:2015-10-08 09:42:40
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