Follow the sheep and the bad sentiment. I don't disagree that the mgmt has been bad but also very unlucky . The bright side is the CEO is on his way out and I'm sure that there are plenty of company's sniffing around these cheap assets
Printable View
From the 2010 Annual Report, the top 15 earners earnt approx $3.5m in total, so about $233k on average, plus shares? The board were an extra $540,000 on top of this.
I had a look at the careers page as thought that i might apply for DS's job, as I believe I can run a company that 'has a small team (around 20 employees) based in Wellington, New Zealand. We are not currently operating any projects or facilities, so have no field office or staff'. But alas wasn't advertised!!
Otherwise the tealady position sounds good!!
Snr. Roberts
Please tell to this forum
All current job description and number of people in category and salary bands with , as you say, "perkeys" example auto and cell.
thankyou
Bruce, as I explained in my reply to your email a few weeks ago, under the Privacy Act I am not able to supply personal information – or even get access to it. I do not know what other staff members are paid. However, salary bands are published each year in the Annual Report.
In general terms I can say that NZOG's technical people – geologists, geophysicists – are reasonably well paid compared to most vocations in NZ; however, they would be paid at least 50% more in Australia, and over 100% more in many parts of the world. A senior geologist in the Middle East would typically receive US$500,000 a year tax free.
NZOG's CEO’s total remuneration is on the public record - NZ$559,000. A NZ Herald survey earlier this year showed that this was the second lowest CEO remuneration level out of the NZX50 companies.
NZOG's salary cost in FY11 was approximately 4% of revenue.
Followers of this thread with other questions should tune in to tomorrow's Quarterly Report audio webcast, available through the NZOG website from 11.30am.
NZOG desperately need a rejuvenated board.
DS leaving is not good - he did not like what PW was doing and said he had lost confidence in him.
The Board disagreed.
After PRC blew up, DS resigned.
Does that sound right to anyone of you?
Public Affairs Manager - we can probably cut that role?
Balance, your second sentence seems to contradict itself. Can he like what PW was doing but lose confidence in him?
The Pike fiasco, the current Tui de-rating, most of all all the squandered opportunites that the free flowing cash from Tui should have thrown up during the GFC, the inclination towards exploration on the other side of the world where its all but impossible to see how NZO have a competitive advantage, cancelling the dividend long before free cash flow from normalised operations for the year was known, management salaries, the entrenched positons in the board, especially TR and his conflict of interest regarding the PRC matter, the $12m donation to PRC when almost all on here could see that it was unlikely to be a going concern and they could easily have excercised their force majure clause to further financial assistance, the bad luck, DS leaving, head office overheads now appearing to be woefully excessive, "management" if you can call it that of foriegn exchange reserves and ALL this against a backdrop of record oil prices.
How do you value a company with this sort of record and present issues ?
Well I'll have a stab. As a takeover its probably worth north of a $1, another company could strip all overheads, staff and exploration and simply milk Tui and Kupe and extract value that way.
Without a takeover and if one assumes the company maintains its current board, core management and "so called" strategic direction with their "heavily strengthened management team" quite simply i think shareholders are on a very slow and painful hiding to nothing.
Maybe a speculative buy at 40-50 cents for the very brave on the basis that they could be a takeover target, at present I'd rate them a sell on the basis that poor directors and management will continue to erode shareholder value just like they've done over many, many years now.
BALANCE
RE:D/S leaving is no good!
Have you been contaminated by us Mushrooms by being on this forum to long, that would be a shame.
D/Ss dislike for P/W being chosen by the board, hearsay at best, but even if true, he sat on a board which seems to have made so many blunders in the 4 years since he came on board and done nothing till now and wait for it still hangs in there, then on any level his not worth a tin of fish.
What this board needs is a large long term shareholder that come what may is in this company for a return on equity.It is called stability. At the present it has too many directors that are professionals that themselves have put nothing into the company,are jonny come lately and will leave at the first sign of trouble.
If practical intelligence could be brought to the for right now any thought of a share buy back should be scrapped for all time . Fair enought it was tried but found wanting. It rewards too much those who are leaving and only minial to the staying as those share are cancelled.The board if it could find practical intelligence would announce a dividend this year.It has the money and for sure it is a far better investment than a branch office. In fact i find it very easy to say that with the monies coming in from KUPE a yearly dividend of a fixed % of that revenue should first and foremost be set aside as dividends.If we just leave it in their hands unquestioned it is all to easy to be waisted on office attachments and other staff perks. In fact the idea of no intention to pay a dividend this year is a reflection of a over dominated board that have themselves put very very little into NZO[apart fron TR] and now are running the finances to maintain perks for staff.This attitude is also a large part of the faling SP. Why bother when the staff are getting the rewards and shareholders are pushed aside.
We need to examine why we have the directors we have and how best to make up the board.It is over dominated by professionals that in reality would better be employed by the company if required. A dividend is required to show the market that a large gap exist between the SP and its value. But then if the board is just going to waist its still considerable income then i guess its value is correct now if not in fact too high.
Well said Digger more or less my sentiments too, they promised long ago a fair return to S/Hs from profits.
Lets see how arrogant, selfish and contemptuous they will continue to act.
CHRIS ROBERTS
Re Salaries:
Kaspar Villiger top boy of UBS
Has a degree of mechanical engineering NOT BANKING
In charge of 2nd biggest investment bank in the world
64000 staff in 50 countries
Salary including bonus for 2010 777000.00 NZD
UBS Profit for 2010 10.3 BILLION
So paste that in your hat.
I can google too Franz.
Villiger is Chairman of UBS and his total remuneration in 2010 was CHF 1,491,308.
The CEO is Oswald Grubel and he received a salary of CHF 3 million.
UBS allocation to staff bonuses in 2010 was CHF 4.2 billion - 42% of the profit to staff.
Little point in comparing UBS with NZOG.
A detailed webcast briefing is now available at www.nzog.com/webcasts for anyone who wants a comprehensive overview of NZOG.
Anybody else receive the off market offer from 'Zero Commission NZ Ltd' ? Managing director is Roy Jackson. Offering me 76c per share. The letter was printed on 20th July, when NZO was trading at 84c. The offer is open till the 15th of August.
Basically trying to convince me that by selling at a discount to the market price to them I can sell without incurring fees or commission, but now NZO is trading below their offer.. Could work to my benefit.
Yes Chris
I was only comparing Salaries, the rest of his earnings is a complex issue and you are right can not be compared with with Nzog, speaking of which you forgotten to mention that he and MR. GRUBEL both took far less in UBSs previous bad year. So like the board of NZO can make unfortunate decisions but unlike our board, get punished for non performance.
If you read the company's quarterly activity report you would think everything is fine and there are no problems. http://nzog.com/f283,165961/165961_N...ne_2011_QR.pdf
For all that money they raised and then the flush Tui production nzog has managed to do bugger all. So all you have got for your money is a prospecting permit in Tunisia with no right to drill a well and a study group in onshore Indonesia. wow, really going places.
This company blew a shed load of cash bailing out Pike River and didn't bother to invest in anything else. Now that Tui has had a reserves downgrade investors now realize they have been sold a pup. Remember AWE the operator of Tui has done an in-house reserve downgrade. Expect the independent reserve study to be carried out to further reduce the field size.
Expect nzog to pull out of Barque in offshore Canterbury and Kaupokonui to be dropped before any wells are drilled.
Just finished listening to DS webcast. To be fair, I thought he did a good job tackling some of the recent negative press. I did however love his comment (this is my translation:) that "corporate effort is largely aimed at securing upside, and because figures for the potential value of upside are not included in the analysis it would be inappropriate to include the cost of corporate." That statement is so beautifully slippery you could put fins on it and call it an eel.
From Brian Gaynors Column in the NZ Herald today:
Unfortunately many listed New Zealand companies, including those in the NZX50 Index, are lacking management depth and it is not obvious who will replace the current chief executive if he suddenly resigns.
New Zealand Oil & Gas is an excellent example of this.
David Salisbury was appointed chief executive of the oil exploration and production company in April 2007. He had just returned from Vienna where he had been vice-president business development of OMV Exploration & Production.
Salisbury was quoted as saying "I relish the opportunity of working with business partners, shareholders and staff to capitalise on NZOG's current major projects and to position the company for further growth opportunities".
"Tui with its strong initial oil flows, Kupe as a solidly-based long-life asset, and the diversity brought to the portfolio by Pike River Coal together creates a very sound financial platform for an exciting growth path for NZOG".
Unfortunately these growth opportunities have not been realised and on June 30 Salisbury gave six months' notice of his resignation and will finish on December 29. Chairman Tony Radford said the company "will commence shortly to recruit a replacement chief executive".
When Australian Worldwide Exploration, the operator and 42.5 per cent owner of the Tui field, announced this week that Tui's reserves had been downgraded from 50.5 million barrels to 40 to 42 million barrels, NZOG seemed to be rudderless. The company made a short factual comment to the NZX with no quotes and no executive contact details. This was in stark contrast to earlier Tui reserves upgrade announcements which contained contact details for Salisbury and another company executive.
One of NZOG's problems is that Radford is based in Australia and he is not a great communicator. He was appointed to the NZOG board in June 1981 and has been chairman for most of this 30 year period.
NZOG's corporate governance leaves a lot to be desired and shareholders are now paying a big price for the company's inability to secure a long-term chief executive, as well as for its inadequate succession plans and its poor communications, particularly in adverse situations
http://www.nzherald.co.nz/business/n...ectid=10741723
I just had a look at the cash flow statement for the 12 months ending 30 June. One number stood out....NZ$12.7m in administration cost. I thought it looked on the high side given NZO is a non-operator in all its production assets. I then checked out CUE's admin costs for the same 12 months. It was A$4m.
Why such a disparity between the two companies? Unbelievable.
Figuratively speaking, you are a wordsmith of exceptional talent!
I have never had any time for NZOG's directors and management. Go back far enough and it was already a company structured to keep the board (especially TR) and management in clover, champagne and first class air travel for the rest of their lives. Sad to see DS fall into the same category - but at least he has the integrity to move on.
Meanwhile, shareholders have pumped close to $250m into this company since 2005 and what have they got to show for it?
Dear balance....as a comparison ...could you please enlightlen us to which company(ies)...really gets your concentrated,repeated and unbridled approval.
cheers troy
Try this 5 to 10 baggers - http://www.sharetrader.co.nz/showthr...light=diligent
Loel - no brainer, Percy.
1 x .5 + 1 x 5 = 5.5 against entry price of 2 = 175% gain.
You savvy?
Now if I was really smart, I would have been shorting NZO all the way down to here. But then, you would all accuse me of down-ramping.
As a few others in this forum have found over the years, management is almost everything in a company. As is famously said once "I like to invest in companies which can be run by monkeys, because one day you will get one running it."
Given its current SP nog stands at the cross road of becoming a big winner or continue on as a loser.The cause of this is the problem of our director makeup.In the last few years we have added directors who have hunderds of years of professional experience in there academic fields who are so confidence in NZO and their own abilities that they have only been prepared to put pennies of their own money into this company,at the same time they will take all the free issues we keep giving them.
The reason I say NZO stands at the cross roads is that currently NZO shareprice does not come even close to its break up value.DS recent presentation of the quartly shows together with the last six months that NZO gross income is just more than 133 million. A annual adminstration cost of 12.7 million hids a lot of direcrtor perks and a nil dividend for shareholders shows where the problem is. You might ask,and you certainly shold be asking,why has the Diodore prospect in Tunisia never received any positive uplift from the market.Why does the market not focus on it? The reason IMHO is simple.Why would any income from the Diodore block ever get back to the shareholders when we have waited some 30 years for the income from KUPE which is prime right now and we are told it will be 'no intension to pay a dividend'.Same with Diodore.
The director makeup is now so heavily overweighted with 200 some odds years of professional experiences that it is polluted.It lacks practical knowledge to understand the damage a nil dividend has done and will do to the company.
Again you might ask and you should ask is the PIKE blowup and the TUI downgrade the sole problem.With a 133 million gross income if it were shared would more than push aside these negative hits.So this is where i see NZO at the cross roads.We have had to very unfortunate events against us but the third big hit of nil shareing of the income is the greatest .The damage it does is tell the market there is not positive in the future to home in on.
good post Digger.
If no dividend then commit to drilling Kaupokonui and retain 90% interest.
Its our money and I for one like to see the drill bit do the talking.
M
Reminds me of a chap I used to work with who punted the horses.He was very vocal about his wins and never mentioned the losses.Funny thing was he didnt own a car,house or anything of any substance.
My conclusion was that there must have been a few losses.
I am yet to meet a stockmarket investor who hasnt experienced any losses however Balance may be an exception.
Hi the machine,
Mate i think you have missed my fundamental point.Why bother drilling Kaupokonui? If kupe after 40 years and fully developed and at its peak with gross income of 133million can not in itself generate a dividend ,then why will Kaupokonui be and better? Or Diodore or any well you care to name. This is what i think the market is saying.The 100% professional acedamic loaded board has priortized expenses so that their perks,overseas branch offices,etc,etc all come before the shareholders.The shareholders will get something if the board can not think of any other way of spending it.
What happened to the share buy back plan? Why dont they do it when the share price is much lower? They haven't communicated the reason why NZO stopped buying back shares. NZO got the award for the best communicator not so long ago!
Snrs.
no more drilling, 1 or 2 employes, no pr - just get the income, kupe and tui and pay all as divs so we get returns - yes.
LOL - wish I was an exception!
Just because I had NZO so right (and copped heaps of abuse along the way for daring to take on the one-eyed believers) does not mean I am right in everything.
Just because some of you are so blinkered stubborn wrong in NZO does not mean that you get aggro against those who tried to warn you about the perils of putting your hard-earned money with a bunch of incompetent, self-serving, manipulative, self-glorified and ultimately, arrogant Board and management.
NZOG has some great assets - that's undeniable. It needs good management to extract the best out of those assets and take care of shareholders. Do you think that's the sort of management what you have?
Digger, you are spot on with your point. I don't understand why management stopped paying a dividend either!
A share buy back was worth a try but it is no where as good as a dividend for showing the value of NZO. As i said before a buyback is more rewarding to the leavers of the company and really has minual value to the stayers. A dvidend does far more to support the SP by giving a yield.
In the last few years the world has significantly changed,and i now believe this new economic order will be the case for at least the rest of my time on this planet. Most of the last 100 years real wealth winners were involved in capital gain,and i suspect most of us here have in one way or another enjoyed the ride. That i believe has now gone for the foeseeable future and now it is back to the old old old fashion yield. That is why we need a dividend.
[QUOTE=Awamoa;352821]Reminds me of a chap I used to work with who punted the horses.He was very vocal about his wins and never mentioned the losses.Unquote]
Or what is cost to get those winnings !!!!
Same goes for those Pokie Machines .
I think NOG is running down the same theme.
Time is allmost up Mr. NOG Man.
BB
I understood that the dividend payment was suspended for this year, due to Pike River and associated expenses. We were not told that dividends would cease permanently. Wouldn't Kupe alone support a dividend ?
page 559 on this thread is a year ago...... reading it now one year on tells me alot about management,
what can we, as small / er holders do about it?
and who are the entities that control large voting stock....... and what are their goals in supporting the boards horrendous direction? this is just going on and on...... and the direction the board chooses just keeps getting voted for.
if my large investment (for me) wasnt on the line i'd be laughing at the fiasco that is slowly rolling along.......
what makes me question my sanity is the large voting blocks supporting this all along..... thats alot of money being evaporated...... which belongs to some one who is voting yes to the board.
A bunch of lame duck institutional investors looking after other people's money, behaving just like NZOG's directors and management - big salaries, perks and couldn't give a hoot.
Why would they want to draw attention to their glaring failure to invest in a real oil and gas company?
You been loading up this morning (un) Balanced ????
Agree Blockhead. There certainly have been a few grizzles from various posters lately. However, the persistent and repetitive attacks from 'Balance' suggest a hidden agenda. The more of these I hear, the less likely I am to part with my shares !
I don't see why Balance would need to down ramp in order to get a cheap entry point, the sp seems to be heading low enough all by itself! Clearly Balance isn't a fan of NZO board and management, but the patience of some very long term holders is wearing thin and it is hard to find much to be enthusiastic about at present.
Tiresome ole bulldust from the mushrooms who have been holding all the way down from $1.60 - accusing anyone who dare question NZO's management and direction of down-ramping.
Just keep holding - and losing.
Meanwhile, some other oil and energy companies are going higher and higher.
Eg. Look at Oil Search in Australia - 200% outperformance against NZO.
Plenty of sellers lately, but some big buyers. Time alone will tell who is right. If NZO does nothing more than recoup it's PRC money as a secured creditor then the share price will surely benefit. Probably the market has currently factored in a total loss.
The markets main driving force currently appears to be negative sentiment .
Sharebrokers valuations are still over $1.00 .
There seems to be fewer sellers and I wonder if nzo has hit rockbottom and will now rebound .
This month we may hear the results of the tenders for PRC .
I suspect some good news at the agm-maybe an interim dividend for this year .If the sp stays down we will see resumption of the buyback .
Wrong as usual notie. NZOG's management team has actually reduced. NZOG's Reservoir Manager left for a very senior overseas job a couple of months ago. NZOG has not filled the position but has brought someone in on a part-time basis to provide engineering input.
Maybe you should stick to commenting on a company you actually own shares in, rather than one you harbour an old grudge against? Surely you must have more useful things to do?
Hmm, I was wondering whether to respond or not but I find this post somewhat offensive. On reflection "offensive " is a little strong as not much really offends me but an interesting post all the same.
Here we have an employee of a publicly listed company suggesting that the only people who have a right to comment in a company is shareholders in that company. That would seem to me to be a recipe for ensuring one only gets a positive spin on company news - for surely if a person felt negatively about a company they held shares in they would look at quitting those shares.
We also have the suggestion that a person should limit another right to hold an opinion and share that opinion. That we don't like a persons view, or they way they express it should not be encouragement of suppression of that basic right.
How a person spends their time is their business. Again why would a Representative of a company suggest that are in a better position on how that time should be spent.
And I find posting such comments in a public forum either brave or foolhardy. It is either a well considered post or one which shows the level of judgement of the company hirers and author.
Either way I for one am all for the freedom of posters to post what ever they like within the Forum hosts rules. That no one reads mine bothers me not
You make some good points here mate - methinks he is jsut pissed off with people getting stuck into management and lost his cool in the heat of the moment
Jeez now we have Oiler saying the quality of the Board needs to be reviewed - maybe that will cause offense as well
Hardly a fair comment.
As Mini has pointed out, someone who has sold out of NZO or any company but has good insight (and good infor) makes an even better contribution by highlighting the inadequacies of a company. It is up to the company to refute the assertions or to accept them.
I have no grudge against NZO but I find good assets (especially cash from shareholders) being grossly mismanaged extremely aggravating.
Pray explain how a company like NZO siting on a pile of cash end up re-investing in PPP (sell low, buy high) and pouring in endlessly into PRC?
Someone things NZO is worth 68c today they bought plenty of them, looks like it might be a good time to re-enter!
I'll beat Balance to it and say that someone sold plenty also........
Well I will admit I am buying up at these prices. but nothing like what was going thru yesterday!
If it is any consolation AWE S/P now, where NZO was only a few weeks ago.
So,how into it.
With things so cheap, the last three years scrutinising opportunities by the world class team surely must pay off. DS said that the risk /return ratios etc were not good enough so nothing has been bought to increase reserves. Some investments & risk / reward of small producing oilers surely are now NPV +ve that the SP of oilers is tanking!!! Oh thats right he is off to europe!! Guess nothing will happen - I think they should hold onto all the cash so that it is safe!! I personally am stoked with the -100%+ return this year. I hope DS stays on for a while longer to steady the ship or is he the gaping hole that is sinking the ship?
Speculation on hotcopper that Nzo is having a good look at Kik phillipene asset sc54a the shallows I hope for holders sake they keep well clear of Kik.
Have you investors/speculators not heard the expression: "Don't try to catch a falling knife".
If not, it's a good one to remember!.
joey
It has been on nearly every thread today.
how about "wealth is created in down markets and realised in up markets"
Yes, or Warren Buffet's one ""Be fearful when others are greedy and greedy when others are fearful" (or something close to that).
But I don't think a handful of words is enough to guide decisions like this anyway.
I've been pretty busy at work recently and finally had a chance to see what has been going on with NZO lately.
The thing that stands out the most for me is why this company has stopped paying dividends. For the June quarter the company had operating cash flow of $25m. Lets say it was a very good quarter and the annualised operating cash flow is actually $80m. Very conservatively that represents 33% of the current market capitalisation ($80m/$247m).
They could start off with 4 cents per share. On 392m shares that represents $15.7m per annum and a yield of 6.3% net of tax.
I'd seriously consider becoming a shareholder again if the Board and management could show how they were going to provide a return on my investment.
Alas, I can see all the cash being blown on wild cat exploration wells in areas outside our expertise.
I couldn't agree more. The directors need to admit they made a mistake and put back in place the dividend. They can hardly argue that they are doing better with the money than giving it back to shareholders.
Maybe they are waiting to see how much PRC investment they get back before they do.. who knows. Really would like to get more accountability from this board.
I think they need to do this to show the market that NZO has a long term income stream which with all the PRC distraction it seems to have forgotton. This impression was re-inforce by the ill-considered decision to further rattle the market by dropping the dividend. I would like to see a 1c quarterly dividend & a strong statement saying.
The 1c dividend represents 33%?? of the cash generated from Kupe - This excellent asset will be producing for 10+ years. The other 66% will be re-invested in OIL or GAS activities. The 50? mill expected from Tui will also be re-invested.
If something is not done quickly I think NZO reperesents a takeover opportunity that could easily be funded by debrt and paid off by Kupe alone. The board has mis-read the market by dropping the dividend at a time when re-assurance was needed. They need to correct there mistake and provide signals NZO has a direction and that shareholders will benefit. It is also imperative they restore the confidence of the idsenfranchised institutional shareholders who were told for many years of the likely increasing return profile and have seen there investment slide. The poor performance of the management and decision to drop the dividend has resulted in a market downgrade and extra risk premium which is clearly expressed by the huge gap between NPV/NAV & the share price. Shareholders are pissd from mixed signals.
NZOG is a company which has trained its shareholders so well that shareholders pretty much accept whatever is dished out to them.
Think about this - DS took over from Gordon Ward after the decision had been made to go ahead with PRC. He must have become increasingly alarmed at the delays, cost-overruns, mishaps and mismanagement of PRC so he blew the whistle. What did the board do? Ignored his concerns and continued with their merry path and kept shoving NZOG's shareholders funds into PRC - until the mine blew up.
If the board will not pay attention to its CEO, what makes you think that the board or management will pay an iota of attention to mushrooms (oops, shareholders)?
^^ Plus 1. Gross arrogance. Board have lost sight of who owns the company. Major shareholders need to step up to the plate and demand fundamental changes. Won't invest again while TR is in office.
http://www.nzog.com/n110.html
this new release from 3 years does not even seem recognizable now. 285 million cash in the bank.
As a long time share holder in NZO I can only agree that the market is correct in its current appraisal of the company. The list of negatives is long. For example in the last two years there has been a succession of dry wells, the share buy back was never likely to be a substitute for value adding activity, the company is associated with a tragic coal mining venture, there has been a reserve’s downgrade for Tui and on top of all this, the Board has declared that there will be no dividend in the immediate future. No wonder the share price is low.
There are some immediate things that the company can do to alleviate this market rating. The most obvious of these is an announcement that the payment of dividends will be restored.
Sayce
[QUOTE=Sayce;354873]As a long time share holder in NZO I can only agree that the market is correct in its current appraisal of the company. The list of negatives is long. For example in the last two years there has been a succession of dry wells, the share buy back was never likely to be a substitute for value adding activity, the company is associated with a tragic coal mining venture, there has been a reserve’s downgrade for Tui and on top of all this, the Board has declared that there will be no dividend in the immediate future. No wonder the share price is low.
There are some immediate things that the company can do to alleviate this market rating. The most obvious of these is an announcement that the payment of dividends will be restored. End Quote
Hi Sayce,
Your list of negatives for NZO is correct. You are not correct in saying that the board has declared there will be no dividend. After the PIKE tragedy and a 99 million capital right off the board said it had no intension to pay a dividend.That is different from the way you put it. At the end of each August the board sits and decideds what it will do . That should be this coming week if past years are any indication.
I like the way you general put things but i would add as i have many time before that if the board does decide to not have a dividend its absance will hide the true value of the companys assets. Kupe in itself should support a dividend.In fact if i owned all the company i would not only give a div but declare an intension to put aside some of Kupes future income to be funded back to shareholders. This i have said many times before,but it is exactally what the market is looking for in these very uncertain times.NZO has had the negatives but we should not now hide the positives.
We will know what the board thinks by end of this month.
Cheers
Agree entirely, digger. With net operating cash flows of 60.7m out of Tui and Kupe alone a dividend could easily be paid - Kupe is now 2/3 of NZO's cash flow with Tui only 1/3. Last year the dividend amounted to 13.5m.
When the secured money from PRC is recovered that should be distributed as well, as a special divi.
Think there should be enough imputation credits left over from previous years (not much income tax was paid this year because of PRC).
Edit: Just checked: 2008+2009 NZO paid 72m in income tax, plenty of imputation credits left.
I also agree: 5c per annum underpins a $1 shareprice (ie, compared to bank return). The company can afford it and this is where it should be. I would like to see at least half of any Pike recoveries distributed to the company owners (ie, us).
Digger, you have been talking about NZOG since time immemorial like it is a company run by a competent board.
Do you honestly believe that?
A company with good assets can be destroyed through bad management. Just ask Fletcher Challenge.
A country with great industries and wealth but bad government can become a basket case. Ask Muldoon.
.
A country with great industries and wealth but bad government can become a basket case. Ask Muldoon.[/QUOTE]
Difficult thing to do Balance,as he has been dead for awhile.
The best way for NZO to promote itself positively would be a quarterly dividend. There should also be news releases on share of Kupe production. The dividend could then be tied back to Kupe production as a % eg & accompany a positive news item. The silence from management is deafening & hurting the SP
""The silence from management is deafening & hurting the SP ""
they are too busy burning the mid night oil working out their strike price for the next lot of 1cent shares.......my guess 68cents.
maybe even ringing around all the major shareholders to see if they still have support.
as for divis...... we all know they should...... they know they should...... but we all know TR hates divis and will do anything to not pay it....... looking forward to the spin doctoring about to happen in a couple of weeks.
NEO,
you mean by that consummate Head Honcho himself D/S [DR. SPIN]
Well they must of been half listening. 2c dividend for the year fully imputed.
A few left-over crumbs from the top table to the groveling masses or a just a little more dung for the mushrooms to keep them ready for the next (rights issue) harvest?
The directors must wake up each morning and marvel at how easy it is to manage the groveling masses - throw them a few bones and they are happy! So easy to lord over them even after the board has presided over the destruction of hundreds of millions of dollars of shareholders' wealth through gross mismanagement of all that lovely cash of $285m 2 years ago - Pike, PPP, dry wells and above all, missed opportunities when assets were dirt cheap.
I do not understand why they are paying interest on a loan when they could easily have this loan facility on standby.
its not so much the value of the dividend thats important, moreso that one is being paid.
M
It turns out i am the last to know about the dividend. Been selling cattle at Morrinsvile saleyard.Cattle prices are tops this year as confidence returning into the farming sector.
Well done managment for giving the 2 cents dividend even after a year that included a 99 million capital writeoff.It should show the value of Kupe and a still functing TUI. The market needs to wake up that NZO is hughly under valued.
I want to be the first to say that in the event that we get more back from PIKE than the 45 million [i think] that is still on the books that for this year we need to start drilling again. We have directors that have spent a lot of our money and time into researching permits and now we need to move on with a drill or drop.They have been paid so what is our best shot and lets get the drilling underway before any more money is returned to shareholders. I am very much aware that not all investers will agree with me that the next monies need to go back into drilling but now that we have been heard postively by the company about a dividend we as a company need to move on to the next phase.
Read exactly what I wrote, Digger - don't try that stunt of putting words into my mouth lol.
You are back to cheerleading a bunch of incompetent management because they throw the groveling masses a few crumbs off the top table - no wonder they treat shareholders with the contempt that they do.