NZ Oil & Gas will return $63.2M of excess cash to shareholders next month

New Zealand Oil & Gas, the listed energy explorer, will return $63.2 million of excess cash to shareholders after gaining final High Court orders allowing it to proceed with the plan.

The Wellington based company will effectively return 15 cents a share by cancelling one in every five ordinary shares and paying 75 cents per cancelled share, it said in statement. The payment will be made within five business days of the Feb. 13 date for determining shareholder entitlement, it said.

NZ Oil & Gas detailed its capital return plans in November, saying its cash on hand was more than it needs to grow its business.

Shares of NZ Oil & Gas advanced 0.8 percent to 62.5 cents, and have dropped 21 percent the past year.

BusinessDesk.co.nz

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