New Zealand Oil & Gas Ltd has exploration acreage in New Zealand’s only hydrocarbon-producing region, the Taranaki Basin, and is actively looking for other opportunities in Taranaki, elsewhere in New Zealand and overseas......................
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New Zealand Oil & Gas Ltd has exploration acreage in New Zealand’s only hydrocarbon-producing region, the Taranaki Basin, and is actively looking for other opportunities in Taranaki, elsewhere in New Zealand and overseas......................
An updated top 20 shareholder list on the website, with the treasury stock position removed. Since the list posted by "someone" last week I think it was with posityions as at 11th July, of the current top 20 holders 6 have not changed their holding, 3 have decreased (total -110,287), the other 11 have increased their positions (total + 3,202,426).
So the big holders, (even if many are nominees) aren't selling at these prices, they are accumulating..
given the stated policy - "A reasonable amount of profit after funding: operating costs, exploration, development etc will be paid as a dividend". I expect a 5 or 6c interim coming up & am looking forward to it.
I know many posters have theoretical problems with the ensuing lack of re-investment, but I think a dividend would:
1/ raise the share price and
2/ make scrip bids cheaper
3/ and encourage more investors to buy NZO creating sustained buying at which point we return to point 1/ above and this virtuous cycle continues until $2 is properly tested.
great, back to the dividend talk again!
all will be revealed in the up and coming...
My stake in the ground is still 10c div. (Why? - a quick doodle with the abacus says 23c NPAT (incl royalites) if taking Tui as stand alone. So going on the assumption of a conservative div cover … 10c seems good).
Ok - it's whacky accounting but it's a nice thought.
I dont believe that NOG will be looking too keenly at PPP ... although I stand to be corrected. NOG considers themselves to be an exploration company first,then development and lastly as a producer.
There is little opportunity to add value to PPP through NOGs inbuilt expertise. Same probably applies to TAP.
I believe they will be looking for fresh exploration then development firstly in Taranaki where they have the greatest knowledge and then slowly further afield.
zacman
Go the Price of Oil .......
GO NZO !!!!
http://futures.tradingcharts.com/intraday/CL_/98
I still think PPP is a dead duck for a takeover by NZO (although i hold both). Simple reasons are, nzo sold ppp last year perhaps mainly for required cash. Secondly AT will have a very good idea of the true value of PPP and since he holds a sizable chunk he is not going to let it go at a discount unless there was other incentives for him.
Perhaps most importantly even if NZO were interested in PPP, at what price do you think they can secure it for?
Possibly the best assets could be in the permits.
I still think PPP is a dead duck for a takeover by NZO (although i hold both). Simple reasons are, nzo sold ppp last year perhaps mainly for required cash. Secondly AT will have a very good idea of the true value of PPP and since he holds a sizable chunk he is not going to let it go at a discount unless there was other incentives for him.
Nita - Your first reason is no longer valid is it because they needed cash then now they have cash!
It would defy logic to sell something you intend to try and buy back especially at a price much more than what you sold it for. I am sure there were other alternatives.. eg get one of the Indian co's to loan money to Pike rather than NZO's last year or other financing arrangements.
On another note I am curious to know what NZO's intention on Pike. Do they wish to sell their stake over the next 12 months or so? Or are they now comfortable and are willing to accept a good size chunk and get long term revenue from it? My orginal thoughts were that NZO were going to sell Pike
3. China after the Olympics
The numbers are now in, and China’s increase in oil product consumption during the first half of 2008 is truly impressive – “apparent consumption” of gasoline was up 16.2 percent, diesel up 14.7 percent and kerosene up 6.6 percent. While some of this increase is related to last winter’s blizzards, the earthquake, and preparations for the Olympics, a lot came from plain old economic growth which was 10.4 percent in the first half.
Currently China is faced with a power shortage partly due to the temporary closing of power plants in the vicinity of Beijing in an attempt to clean-up the air for the Olympics. Most Chinese authorities say the heart of the problem is the inability of China’s railroad system to move enough coal to the rapidly increasing numbers of power plants scattered across the country. Coal stockpiles have decreased by eight percent in recent weeks and two or three percent of China’s thermal power plants are reported to have closed.
To guarantee adequate electricity supplies while attempting to clean up the air during the Olympics, Beijing ordered a number of major industries, most notably aluminum production, to cut back on consumption prior to the games. Despite the shortages, China’s power generation increased 8.3 percent in June over 2007 and thermal power production increased by 6.8 percent.
Price caps on coal and electric power are complicating the situation. While long term coal contracts and retail electricity prices are capped, spot coal prices have doubled recently so that 80 percent of the power companies are sustaining losses.
In another month, the Olympics will be over as will the need for cleaner air and reliable electricity. Power plants around Beijing will resume operation as will the 100s of industrial plants that have been forced to shut down and the 300,000 trucks and 1.5 million cars that have been banned from operating around the capitol.
Increased transportation of coal over the short run seems difficult to achieve as various efforts to increase coal shipments over the past year are likely to have rung the slack out of the transportation system. This suggests that if China is to keep on growing at 10+ percent, there will be a need to import more coal, oil and natural gas. While increases on the order of 15 percent as we saw in the first half of 2008 seem high, continued growth in imports seems likely. Beijing also may seize upon the recent $24 a barrel drop in world oil prices as an opportunity to build its strategic oil reserves.
The rapid run-up in oil prices during the first half of the year and the recent drop may have more to do with Chinese demand in a tight oil market than is generally recognized.
End of article
Well i certainly agree with that last line.Good to see a few others are catching on.In another month i think we will see this retreat in oil was just a short passing phase to get that happy face for the olympics i have mentioned before on several occasions.Dispite China's big effort i still say 120 is the floor.
They will sell Pike once it's producing a proven 1 mill tons pa and/or after Pike provide an upgrade on extractable volumes, which will certainly occur.....my pick remains late 2009
Agree they will get out of Pike but it will be a free distributions to NOG shareholders.
10 cent fully imputed divvie plus a fistful of PRC shares - sounds Ok to me
:D:D
Tim,
I like the idea of a distribution of PRC shares -- I would support that !!
Precedent was set with the main slug of PPP shares that NZOG used to own (they had 57% of PPP). Most of the PPP shares distributed to NZOG sharholders some years ago.
................................................
Just noticed that NZ$ exchange rate has dropped by up to 0.5 % against major currencies.
Could be under US$ 0.74 in the next few days ?
And oil price is looking like it has support around US$ 124 - 125 / barrel.
Z
Some speculation.
NZ economy slows/tanks. RB drops interest rates. Banks may or may not follow suit dep on international risk factored into their offshore borrowing costs, but suspect over time they will, leading to a relatively gradual but persistent drop in the exchange rate over the next few years to US 60c. Hard to know what oil prices will do but exchange depreciation helping NZO significantly whatever. NZO one of the few brighter lights on the NZ stock exchange but dragged back from full realization of underlying share value by the prevailing negative overall local market sentiment. Heavy local shareholder weighting in NZO under pressure from local poor conditions leading to gradual increase in foreign investment and probable takeover by a foreign oiler at a discounted price.
Hope I'm wrong. Shareholder since circa 2000 and don't want this NZ company doing well to go to offshore interests.
TUI Production Performance:
30 July 2008: Tui has now been in production for one year. Since production began on 30 July 2007, total Tui production amounts to more than 15.2 million barrels.
In the original projections, total production was not expected to reach 15 mmbbls until mid-2009.
--
So looking forward to the quarterly, and annual reports coming out..
I too would be quite keen on another div. 5c, 10c something like that.
There are those that say its daft to give back some of the money they just raised, but they didn't know they would have so much when they issued the options.
384 odd million shares out there.
10c div would cost 38.4 million - a lot,
but based on their income:
NZOG's share of production approx 1.78 million barrels at, say NZ$100 per barrel, gives about $90 million more than expected
The have the money they wanted, $193 million from the options, an extra $50 million from TUI revenue, and that gives a sizeable chunk they could give back to the investors.
----------------
ABN Amro said it had assessed profit risk to be on the downside for seven companies - Fletcher Building, Freightways, Pumpkin Patch, Briscoe Group, Ebos Group, Just Water International and Tenon.
Balancing this, the broker predicted earnings from seven other companies - Nuplex, ING Medical Properties Trust, Steel & Tube, AMP NZ Office Trust, Mainfreight, New Zealand Oil & Gas and New Zealand Windfarms - could surprise on the upside.
Another ABN Amro analyst, Dennis Lee, said the slowing domestic residential market combined with the disappointing performance of international benchtop group Formica would have a "negative impact" on blue chip Fletcher Building's results. The consensus of analysts' expectations is for Fletcher to post annual net profit of between $398 million and $476 million.
There are, however, some bright spots: New Zealand Oil & Gas is expected to announced strong full year results, boosted by higher production in its Tui oil fields and record oil prices.
----------------
http://www.nzx.com/news/markets/4635755
----------------
-- no kidding..
I didnt expect Tui to be still producing in these conditions but the latest announcement says it hasnt lost a day-
However, since the de-bottlenecking of the Umuroa late last year, subsequent monthly production has been about 40,000bpd or more.
This production had been achieved despite various technical challenges and some very rough weather and sea conditions at the Tui field about 50km off the Taranaki coast.
Last week saw the worst conditions yet encountered, with sea swells of up to 14.2m recorded at a nearby wave buoy.
Despite such conditions, the field and the Umuroa floating processing, storage and offtake vessel have continued to produce every day.
The FPSO’s liquid handling capacity is being increased, from 120,000 to 150,000bpd, and should be completed in time for the tie-in of the new Tui-4H production well, anticipated to be drilled in early 2010.
Tui crude is typically sold against the Tapis benchmark and so far 50 tankers have visited the field.
Tui oil is sold into the east coast of Australia or southeast Asia and, for the first time last week, to Hawaii.
The Tui partners are operator AWE (42.5%), Mitsui E&P NZ (35%), NZOG (12.5%) and Pan Pacific Petroleum (10%).
[QUOTE=Sehnsucht888;215677]TUI Production Performance:
I too would be quite keen on another div. 5c, 10c something like that.
I am sure that most holders would be keen to get a dividend.
I am not so sure that we will?
Paddie
Paddie - the dividend for 07/08 has been paid, fullstop!
[QUOTE=Paddie;215713][QUOTE=Sehnsucht888;215677]TUI Production Performance:
I too would be quite keen on another div. 5c, 10c something like that.
With the nz dollar crashing down-now 73.4- income from Tui should remain high even with the falling oil price . Not the best time to buy an overseas oil interest however .
The best move in the interest of shareholder wealth would be a dividend and I would agree with your 5 to 10c .
Tim,
Where did you get this information from?
I suspect the market is not expecting a final or special dividend but I certainly am.
The information I obtained from the nzo website dated 13 th march 2008 states -
"The Board of NZOG resolved to pay a
fully imputed dividend for the 2007/08
financial year of 5.0c per ordinary share."
I am not a lawyer but to me this does not exclude another dividend-be it called final or special
Elsewhere they state a reasonable proportion of profits will be payed out as dividends . Now in march they were not aware of the final quarterly result-so how could nzo make a final decision -in actually fact I expect it to be much more than even a bigger optimist than me could have predicted at that time !.
The rights issue has given nzo a vast amount of cash to use to expand reserves and production . In these circumstances I would expect a good final or special dividend to reflect the unexpectedly higher profits .
If we have no news of future dividends tomorrow then I would have to conclude the current directors are confusing the shareholders and possibly not acting in the best interests of the shareholders .
Any dividend, if declared, could simply be an interim dividend for 2008/2009 year.
I give it a 90% chance a dividend will be declared. We have a company producing profits here so shareholders should get some return on their investment. The cash issue is for further expansion and separate from this issue.
doesnt te thing that comes out tomorrow only have the cash situation and the previous 3 months goings on?and doesnt include future announcements?
Egg - as I recall the company paid the 5c as a interim but final for 07/08 I'd love there to be another but there is no evidence to suggest that would be the case and the company I thought was at pains to point that out.
Look at the quarterly activities report for March-this has the dividend announced on 1st page !
http://www.nzog.com/companyreports
good youve answered the troubling thing in my mind
My 2 cents worth on the dividend question is that NZO is finanically very capable of paying a out a similiar sum as last time given the success of TUI but my thinking is that that will not be the case just yet .It sort of does not look too good to be taking money from shareholders and in a too short of space givening some of it back. So i will still plug for the next div to be announce at or just before the AGM.The last time the div hit the rounds i said in OCT. The AGM is less that 3 months away now and by then the full year report will be out usually end of sept approx,hence i pick second div in octomber.
If Fish is correct and i wrong i then i will have to replan my life to spend up sooner than expected.Hard call.
I maintain there will be no dividend until this time next year.
Dividend
The Board of NZOG has resolved to pay a fully imputed dividend for the
2007/08 financial year of 5.0c per ordinary share. This recognises an
outstanding period and provides shareholders with an immediate share of that
success.
The Board has determined a dividend policy that in future a reasonable
proportion of profit will be distributed by way of an annual dividend.
To me that looks like the only dividend, I could be wrong though.
Good point Fish,
I remember suggesting a dividend would help NZO get the options exercised and at the time I think I made the suggestion that all net revenues over $90..could have been $100...should be returned to shareholders by way of dividend.
Not a bad idea and would certainly rocket the shareprice if you knew that all net revenue over $100 was paid out in dividends.
Cant see oil going below $100..the Saudi's are looking forward to resting their oil fields.They are pumping more water into them than the oil they are getting out.And at an increasing level.
Thanks Tim ,
You are probably right -I think most people would interpret it the way you have and certainly the market doesnt seem to have anticipated a dividend tomorrow .
A number of posters seem to think like me-the dividend policy isnt clear and doesnt exclude a special or final dividend being announced tomorrow .
You lot have got my curious though!
Good point Fish,
I remember suggesting a dividend would help NZO get the options exercised and at the time I think I made the suggestion that all net revenues over $90..could have been $100...should be returned to shareholders by way of dividend.
Not a bad idea and would certainly rocket the shareprice if you knew that all net revenue over $100 was paid out in dividends.
Cant see oil going below $100..the Saudi's are looking forward to resting their oil fields.They are pumping more water into them than the oil they are getting out.And at an increasing level.
digger - your reasons against a div are as I have seen by McDunk, and expected to see already too (if memory serves). I see that point, but was trying to emphasise that the capitial raising was started when they expected much less in the bank now. Given the huge success to date, and bulging coffers, a not unreasonable prospect is to pass some back.
Tim23 - I disagree, and think there will be something earlier. NZO had said a while ago there was no dividend anticipated, but then TUI exceeded projections early, and so they did one. (not saying they didn't want too, but I think they implied it was a fair way off). If telecom, and the others can pay dividends, with a decreasing share price, and surely decreasing profits, then NZO with stacks of money coming in must surely be able to. The last div was was not a final one from my reading of it - could a special div for the jun 08 year have any tax advantages vs one later this year?
Tomorrow will be a good day, irrespective of news on a dividend. I agree unlikely to hear about one tomorrow, but will be impressive results nonetheless.
Again, the sharechat interview with DS shows him clearly stating it was the final dividend for the financial year, as well as the what tim showed. Been talked over quite a few times...
http://www.sharechat.co.nz/features/...e.php/7573c2ee
The only way I can see a dividend, would be by way of a special dividend. This would be interpreted as a non-reoccuring distribution.
Dividends are funny, as they give a signal of future intentions of a company...companies dont like to have to reduce their dividend as shareholders can get upset and when shareholders get upset, management can come under scrutiny.
A share buyback would probably be best if the shareprice gets below $1.50. The company will know a few people are leveraged, and by an open market share purchase, it would underpin the shareprice stopping margin calls etc.
Will the SP move much on tomorrow's report? May seem a dumb question, but I'm still learning.
For my 2 bob worth.
No special dividend as per diggers comments. ie. too close to option conversion.
nzo intention will be a steady dividend(yearly with revenues from tui and then from kupe to keep coming over the next 20 years. Not sure if they will keep Pike for too long.
nzo showing attitude towards growth through aquisition/'s therefore need to retain substantial cash.
wiping off treasury stock indicates to me they intend to buy back shares aty some stage.
Cash will still be required for future exploration.
not to forget some cash required for some decent sized sausage rolls this year. i dont want dm pulling out his hanky half way though the agm again
I wasnt suggesting it would have anything to do with the options. More of a 'tui is performing great, thanks for holding with us...' again kind of special (interpreted as one-off). But i do think its unlikely, and best to see what they say in annual report.
This WARCHEST (i say in capitals..as its a serious threat to quite a few listed oilers about) is going to make it an exciting few months following NZO...as long as they dont over pay for what they're after.
Again, things could be aligning well for NZO, as oil comes down and sentiment changes (although $100 oil is nothing to be negative about)..
WTI back up to 126.70 (up 4% today), Tapis to follow suit, kiwi getting beaten up at 73.40ish. Quarterly report to show extremely strong cash flows. Should be the first strong up day for the stock in a while , am going to stick my neck out and say 5c plus.
Disc: long NZO
And this as well from CNN:
$149 a barrel?: A report by Goldman Sachs predicting prices could reach new heights was also feeding the rally.
The falling demand for crude, which had driven down prices more than $25 a barrel over the past two weeks, was only temporary, a Goldman analyst wrote in a report released Wednesday. The report went on to predict that prices would jump back up again to hit $149 a barrel by the end of the year.
"Basically Goldman Sachs hit right at the heart of why the market was going down," said Phil Flynn, senior market analyst at Alaron Trading in Chicago.
US demand was recorded as having fallen 2pc. Of 20 million barrels per day or 400,000 barrels.
TV One business news this morning mentioned that the rise was partly due to an unexpected shortage I thin kit was..
Crude oil inventories in the US did not fall as much as analysts had predicted. They were down 100,000 barrels versus a consensus prediction of a 1.6m barrel fall. These figures failed to provide evidence for accelerating demand destruction in the US.
Buyer @ $1.58, very keen or had a wee peek at the quarterly ???
"The Energy Information Administration says that U.S. gasoline supplies fell by 3.5 million barrels last week. Analysts surveyed by energy research firm Platts expected gas supplies to increase by 400,000 barrels."
This may be an indication that demand may be a bit more robust than expected...
Looking good for a decent rise today.
Yeah but look at the volume, nothing substantial, i would assume that there will be a few paying a little more with the expectation of a rise on release of the report.
But surely anyone who is looking to invest or has already invested in NZO knows what to expect in the report.
Buy on rumour, sell on fact.
but now that ive said that it will probably shoot up to $3
Remember that the opening quotes get settled at 10 am and at current quotes will all trade at 1.55. By bidding high he is first in the queue.
The result is out
but small volume, so I don't expect insider trading - seems that some people are willing to have a small bet at a good report and climbing NZO price.
Oil price is funny - first it goes down because crude inventories are larger than expected, then it goes up because gasoline inventories as lower than expected (could it be that refineries produced less gasoline this week, leaving more crude?)
Anyway, these are just minor fluctuations - the demand destruction in the USA (currently some 4% compared with last year) is more than matched by the increase in demand in China (16% in the last 6 months - and yes, that is of a smaller base, but is in absolute terms larger now).
And once the Olympics (both of them) have passed, and all those trucks and cars are allowed back on the road, and the industries restart, then see the price of oil fly. I do not rule out $200 by the end of the year.
Also note a 40% increase in SUV sales in China - thanks to the subsidies on oil they have not gotten the message yet.
My prediction for NZO by the end of the year (with Pike finally producing) - $2.00
NZO
31/07/2008
QUARTER
REL: 0945 HRS New Zealand Oil and Gas Limited
QUARTER: NZO: NZOG Reports 12 Month Revenue of NZ$234.6 Million
New Zealand Oil & Gas Ltd (NZOG) is pleased to report that revenue for the
three months to 30 June was $80.9 million, taking revenue for the full
2007/08 financial year to $234.6 million.
NZOG has today released its June Quarterly Activities Report and Cash Flow
Report.
The 12 month revenue figure of $234.6m compares to revenue of $4.2m in the
previous financial year.
The outstanding result is based around the highly successful Tui Area
Oilfields off the Taranaki coast, in which NZOG holds a 12.5% stake.
NZOG's Tui revenue for the year ended 30 June 2008 was $222.8m . There was
also a gain recognised form the successful float of Pike River Coal Ltd and
some other small non-Tui revenue items.
Tui began production almost exactly one year ago, on 30 July 2007. To date it
has produced over 15.2 million barrels of oil. The initial proven and
probable (2P) reserves were upgraded twice during the June Quarter; first to
47 million barrels and then to 50.1 million barrels.
Oil prices hit record levels during the June Quarter. Tui oil is generally
sold against the regional Tapis benchmark crude. Tapis rose from US$110 at
the beginning of April, to US$150 at the end of June. It has since eased back
to US$135. However, that has been somewhat offset by the fall in the NZ
dollar.
Tui's expected production for the 2008/09 financial year has been upgraded
from 6 to 9 million barrels of oil (NZOG's share 1.125 mmbbls), providing
continuing strong revenue and cash flows ahead of commercial production
starting in mid-2009 from the Kupe project.
NZOG completed the largest capital raising on the NZX this year during the
June Quarter, through the exercise of June 2008 options. 91.8% of the options
were converted to shares at $1.50 per option, raising $190.8m. Along with the
Tui revenue, this has contributed to a very substantial cash balance.
Cash in hand at 30 June was $256.5 million. With further option payments
received in July, the current cash balance is approximately $280m.
"NZOG is on a very sound financial footing and we are focused on maximising
value from our existing assets, as well as identifying attractive new
investments", Chief Executive David Salisbury said.
"This includes looking beyond New Zealand, as the opportunities currently
available here are too few to confidently satisfy our growth targets".
In the interim, the cash funds have been invested in short-term banking
facilities with a number of S&P AA or better rated institutions.
"We are not in the business of financial speculation with shareholder funds,"
David Salisbury said.
Rev in quarter $81m!
Looking good for $1.60+ today. Strong buy interest on the open.
I think a small dividend-maybe 10 cents= 40 million was affordable .
With many of us having taken big overdrafts to convert the options it would be some help to have a dividend to pay some interest
We need a director who is working in the interests of shareholders-preferably one that has a large shareholding
I'd be happy with even a 2 cent dividend. That wouldn't make much of a dent in their funds, they could pay that out of the interest alone they must be earning.
Well I think the Quarterly looks pretty damn good. What we expected.
The $90m for the quarter means that PPP got about $70m, Nearly half there Market Cap
Wasn't expecting a jump like that on what was fairly common knowledge... Good timing with a bounceback in POO and falling NZ dollar I guess!
Was hoping to see something about a dividend, and more info on what they plan to do with all the cash.
Sounds like an investment statement to me (loosely translated to "we have no idea what we're doing with it at this stage"). Not complaining as such, just would have been nice to have had more of an indication of what the plan is, rather than BAUQuote:
"NZOG is on a very sound financial footing and we are focused on maximising
value from our existing assets, as well as identifying attractive new
investments", Chief Executive David Salisbury said.
"This includes looking beyond New Zealand, as the opportunities currently
available here are too few to confidently satisfy our growth targets".
In the interim, the cash funds have been invested in short-term banking
facilities with a number of S&P AA or better rated institutions.
"We are not in the business of financial speculation with shareholder funds,"
David Salisbury said.
That is just a rehash of a previosly stated position (apart from the "were not gambling with your money statement"). Activities reports state what has happened - not what is going to happen.
I think that "we have no idea what we're doing with it at this stage" is too harsh - we have been informed that they have been actively seeking and analysing investment options.
I do agree with you that an outline of where to next would be great, but as that info is undoubtely commercially sensitive I would imagine that either the AGM or an announcement post deal will be the next we hear of NZO's plans going forward.
Can we also expect a strong report from PPP?
one would like to think so they should release their report at start of trading on the asx
With 2008 earnings of $234m, and 383m shares, the EPS is now 61c
With Tui production for 2009 year now likely to be 9m barrels its still looking good for next financial year, and then Kupe kicks in for the next financial year.
Plus all the interest being earned from $280m in the bank on top.
dont confuse earnings with revenue...grrr
Good point upside-umop,and i will keep them seperate.
I think i really am entitled to some bragging rights now that the finanical year end monies are reported. Got it right on two accounts. Some 7 or 8 months ago said our revenue would top 200 million for this finanical year and for the calander year 2008 would top 300 million. At the time it looked a bit over the top but there it is for all to see. Also said that the revenue for 08/09 would not drop nearly as much as first projected.Now tui has been upgraded from 6 million to 9 million.I first said this about 6 months ago.Yes today is pay off day for me on my forward planning projections,however before i pi-ss off too many with my bragging i had better sign off that subject.
Hang on also remember no div just now as too close to options exercise,so got it right count three. Count four will be when div is announced about end of sept,and if not i would say the desire to empire build is becoming more important than the interest of shareholders.
Maybe they can now afford to put on more sausage rolls at the agm.
__________________
Toddy
There was plenty of superb food (inc sausage rolls) at last years AGM at the Intercontential, my son & I had a great feed!
Revenue reported in stuff as well.
http://www.stuff.co.nz/4638247a13.html
and again there is Mr Salisbury's comment ..
"This includes looking beyond New Zealand, as the opportunities currently
available here are too few to confidently satisfy our growth targets"
is in there. This is about the millionth hint that they WILL buy something overseas. And the more I think about it - the inevitibility increases - no drilling till 2009 at least - and NZ is a small pond for quarter of a billion in cash sitting about AND the comment that it's all in short term deposits.
Watch that space.
Looking forward to the AGM - I live for sausage rolls.
In that report it also mentions full year financials will be out by end August so not long to wait
Maybe they could give us all a specimen jar full of oil at the AGM, as a souvenir.
Maybe all shareholders gets to fill up their car for free at the AGM? I will bring the big V8 4wd. :D
:DLatest rumor :- Hot from the Hair dresser(s) & Taxi drivers.
The AGM is gonna be in Invergumboot coz NZO are looking
at the Great south Basin. But its still a secret so no yabbing you lot.
And by hell you'll get some S/rolls then.... filled with oysters.
Serve by our very own Southern Bells !!!! :D:D none the less :D
And keep you hands to yourself coz the cutest is sixteen stone, and
can she pack a backhander.
Ask Tim the Mayor !!!
Sorry Billy Boy but the venue has already been announced. Wellington.
http://investorcentre.nzog.com/phoen...108&p=irol-AGM
Tapis is $136
nz/us 73 cents
Tui producing well
$280 million sitting in bank deposits
SP would probably be over $2 if a dividend had been announced
Maybe the directors need reminding they need to keep all shareholders onside
Big buy orders at close of play. Heading for a 1.67 close.
looks like a strong finish coming up.....
.
What a great ending to the day ..... couple of million go through at 5 pm and price is up at 166 cents !!
Z
...after 20 plus years.......gee this is good......oh so good......i have been here before......
Yeah solid ending. I like it.
Not sure what all this divvy talk is about, divvys are normally announced in conjunction with financial results (i.e the full year results towards the end of august if at all).
This is simply an activity report. Nothing more or less.
Cheers
I found it fascinating watching the close of trading today-I needed some cash and was debating selling some tel ,tpw,cen or nzo . A decison I was finding hard as all seem undervalued-decided to sell 10 000 tel at 3.81 which was completed when there was a mad rush of buyers for nzo-prepared to pay $1.70.
I presume at this stage a lot of sellers came out of the woodwork and kept the price down to 1.66
How did you manage to work out the close so accurately 10 mins before the close ?
Big gap between buyers @ $1.61 and sellers @ $1.66 at the end of play, interesting to see who is playing ball tomorrow morning.
If you look at the total shares the two buyers wanted at 168 and 170 then go down the sellers totals until you get the same approx total then you have a settlement price. It of course can change quite quickly. eg if someone came in and wanted to sell say 200,000 at 164 then you need to look again and recalculate. It is easy with DB as all you need to do is hold the curser over the red dots on the depth page to get the sum of the shares for sale above the price you have selected. Hope this helps.
with all the option monies and tui monies sitting in a bank account along with a depressed sp........ im wondering how hard it would be for someone to take a stand in the market to get 51% and use the shareholders wealth to partially pay for the takeover?
i think the board should be bending over backwards to protect the piggybank before it gets taken off them.
best way to do it is to shore up the sp.
giving a divvi will help boost that, or finding a large cornerstone holder.
If nzo is not careful, i can see them being raided and delisted, and current share holders missing out on the real spoils to come in the future.
just my opinion....
51% holder won't delist the company not much point in a divvy a buy back might be the go but in the meantime they must be running the rule over several prospects.
i realise 51% wont delist the company, but 51% is an easy first target and gets control,
after that mop up the rest..........