Thursday 29th January 2015 |
Text too small? |
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
No comments yet
Skellerup achieves another record result
August 21st Morning Report
Me Today signals capital raise and provides trading update
Seeka Announces Interim Result and Updates Guidance
FBU - Fletcher Building announces FY25 Results
August 20th Morning Report
RUA - New Zealand grown products support Rua's global strategy
Devon Funds Morning Note - 19 August 2025
Seeka Announces 15 cent Dividend
MCY - Major renewable build advanced despite 10% earnings dip