NZO
04/11/2014 12:19
MEETING
REL: 1219 HRS New Zealand Oil and Gas Limited
MEETING: NZO: Annual Meeting Results
Four resolutions were voted on by shareholders at the Annual Meeting of New
Zealand Oil & Gas held in Wellington this morning from 9.30AM New Zealand
time.
Resolution 1
That the Company's Board of Directors be authorised to fix the auditor's
remuneration.
Carried at the meeting on a show of hands.
Proxy and postal votes received were:
For and discretionary: 169,522,644
Against: 12,158,641
Resolution 2
That Mr P Griffiths be elected as a Director.
Carried at the meeting on a show of hands.
Proxy and postal votes received were:
For and discretionary: 145,264,704
Against: 36,601,381
Resolution 3
That Dr R Archer be elected as a Director.
Carried at the meeting on a show of hands.
Proxy and postal votes received were:
For and discretionary: 163,507,456
Against: 796,376
Resolution 4
That Mr D Saville be elected as a Director.
Carried at the meeting on a show of hands.
Proxy and postal votes received were:
For and discretionary: 180,852,337
Against: 872,404
The chairman, Peter Griffiths, made announcements at the meeting relating to
capital management, which are reproduced below:
"Capital Management
"The company has a robust balance sheet with no debt, and in the near term we
expect increasing cash flows from increased levels of production at Tui.
Consequently, our cash on hand will grow well beyond what the business
requires for its planned activities.
"Accordingly, with a view to improving the balance sheet performance of the
company the board has resolved to make a capital reduction equal to 15 cents
per share, which equates to approximately $60 million. The details of this
will require approval from shareholders and an extraordinary meeting will be
held promptly - hopefully before Christmas."
The Chairman also made announcements relating to dividends:
"Dividends
"While our cash flows will be strong, the company is not in a tax-paying
position. This is largely a consequence of New Zealand exploration expenses
being immediately tax deductible. We are not generating imputation credits.
Consequently the board does not expect to declare dividends for the near
term."
For further information:
John Pagani
External Relations Manager
+64 21 570872
End CA:00257213 For:NZO Type:MEETING Time:2014-11-04 12:19:53
