NZO
29/01/2015 15:05
CAPREC
PRICE SENSITIVE
REL: 1505 HRS New Zealand Oil and Gas Limited
CAPREC: NZO: Capital Return final orders received
New Zealand Oil & Gas has received final High Court orders approving a return
of capital by way of a Scheme of Arrangement under Part 15 of the Companies
Act 1993.
On 21 November 2014 New Zealand Oil & Gas announced that it had received
initial orders from the High Court to seek shareholder approval to return
approximately $60 million of capital to shareholders.
New Zealand Oil & Gas held a special meeting of shareholders on Friday, 19
December 2014 to vote on the proposed capital return. The resolution was
carried with approximately 97% support.
The company has also received a favourable binding ruling from IRD confirming
that the proposed return of capital will not be treated as a dividend for New
Zealand tax purposes and therefore will not be subject to tax in New Zealand.
The company will cancel 1 in every 5 ordinary shares and pay NZ$0.75 per
ordinary share cancelled- effectively returning 15 cents per share. Payments
will be made within five business days of the date for determining the
entitlements of shareholders to participate in the Scheme (13 February 2015).
In total, shareholders will receive approximately NZ$63.2 million.
Australian shareholders will receive an AUD equivalent per cancelled share
based on the NZD/AUD exchange rate on or about the record date. A summary of
the tax impact for Australian shareholders was contained in the Notice of
Meeting sent to all shareholders (available at
http://nzog.today/capital-return/explanatory-notes/ ).
Part-paid shares issued as part of the company's Employee Share Ownership
Plan will not participate in the Scheme.
KEY DATES:
Friday, 13 February 2015
Record date for determining the entitlements of shareholders to participate
in the Scheme
Friday, 20 February 2015
Date for dispatch of new holding statements reflecting shareholding movements
and date by which payment will have been made to shareholders
John Pagani
External Relations Manager
+64 21 570 872
End CA:00260137 For:NZO Type:CAPREC Time:2015-01-29 15:05:54
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