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Panel rejects bid to cancel NZOG stock
- Article from:
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The Press
- Article date:
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August 5, 1998
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Copyright informationCopyright 1998 The Press. Provided by ProQuest LLC. (Hide copyright information)
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A group of New Zealand Oil and Gas shareholders have been knocked
back in efforts to have the oil explorer's treasury stock cancelled.
The Stock Exchange's market surveillance panel has rejected a
claim that NZOG and Otter Gold's investors were misled over a 1993
deal involving the stock.
The shareholder group asked the panel to investigate whether 49.5
million NZOG shares and 20.5m Otter shares should have been cancelled
in June instead of being kept as treasury stock.
The shareholder group contended that cancelling the shares was
implicit in a 1993 agreement between the companies.
However, the panel has said that there was no clear statement in
the 1993 agreement on whether the stock could ...