and Direct Broking don't have access to them, considering them to be 'too small a business'. Hmmmm.......
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Thanks,Pietrade. I had no luck either in finding an NZ broker.( I have Kea shares with a UK broker )
Kea are progressing to a production program of 2000 barrels of oil per day. Tag Oil ( Canadian owned ) Kea's neighbour, operating in the same Taranaki area
will soon be up to a production level target of 4000 barrels of oil per day.
Mmmm...
A question for the cogniscienti. Why is the NZOG employee scheme converting so many part-paids which are all out of the money?:confused:
I do not know for sure but my bet is that once the part payed shares are fully paid they receive the back dividend from the time they were first part paid.This was discussed some years ago and from memory i think that is what happens. As i say i do not know for sure but you have a very good question here and one we should find out about. How much out of the money are these specific part payed shares you refer to. Can you give more details.
But the announcement says:
"(b) Interest or dividend conditions attached to securities converted: None. "
So it doesn't sound like it is dividend driven, and we haven't had enough dividends to warrant conversion at $1.49 anyway. Perhaps these shares had a lower conversion price?
per 2012 annual report there were 4,050,000 partly paid shares issued in may 2012 with excise price of 96c.
partly paid shares issued prior to this are out of the money
M
According to the end of Dec 2012 quarterly cash flow report – page 4 – ref 10:- (on 30th Jan 2013)
<< Fully paid during quarter 2,965,000 shares, paid-up value @0.870-0.894 cents (yes, it’s less than 1cent according to the heading of the columns) >>
http://www.nzog.com/f386,175854/Dece...ort_signed.pdf
Well at 1-49 that is way over the top,so it can not be from past dividends. Maybe the exercise price has been reduced. I of coa-rse do not have partly paid shares so was only puttting a posible theory on what it might be. If you are not satisified after these posting here email them and tell us what it is.
Cheers
OK I have just received an email from a fellow shareholder who would know about this mystery around the partly paid shares.
When staff leave and the shares are out of the money the partly paid shares that were in their name are forfeited. NZOG is then obliged under the rules to sell the shares on market .This year the volumn has been high as some cleaning up from prior years. The partly paid shares are only entitled to dividends on the paid up portion of the share.