Video | Agriculture | Confidence | Economy | Energy | Employment | Finance | Media | Property | RBNZ | Science | SOEs | Tax | Technology | Telecoms | Tourism | Transport | Search

 


Peak Urges Shareholders To Say “No” To Shell

Media Statement 05 March 2001

Peak Urges Shareholders To Attend Meeting And Say “No” To Shell


Peak Petroleum says the future ownership of Fletcher Energy probably lies in the hands of New Zealand shareholders attending tomorrow’s Fletcher Challenge Meeting.

Although the deadline for lodging proxies and postal votes has passed, Peak says shareholders attending tomorrow’s meeting can withdraw previous proxies and votes, and vote against the Shell bid at the meeting.

Peak Petroleum says it has received strong support for its higher offer for Fletcher Energy from many shareholders.

“It is up to the New Zealand shareholders who can attend the meeting now, “said Peak Chairman Mark Dunphy. “It’s their last chance to vote against the Shell bid, so that they can receive our higher offer.

Mr Dunphy said Peak believed the Shell offer is inadequate and less than fair value. “Our higher bid also represents very attractive value for Peak Petroleum, and we will offer shareholders the opportunity to share in this value.

Mr Dunphy said that as well as offering NZ 70c more per share than Shell, Peak’s proposal is to offer Fletcher Energy shareholders the right to subscribe for a guaranteed allotment of shares in Peak Petroleum.

Shareholders at tomorrow’s meeting should also instruct Fletcher Challenge directors to allow Peak to begin due diligence immediately. This will enable Peak to get its offer on the table as soon as possible.


PEAK HAS STRONG FINANCIAL BACKING

Mark Dunphy said Peak has strong financial support from blue chip local and overseas investors. These include FR Partners, Guinness Peat Group, Accident Compensation Corporation, Arcus Investments, AXA of New Zealand, Elliott Associates of New York and the major Canadian oil and gas company Penn West Petroleum.

“The Peak Consortium’s proposal has been very carefully prepared and all of our financial backing is in place, subject only to satisfactory due diligence” said Mr Dunphy.

“Penn West will buy the Canadian and Argentinean assets of Fletcher Energy for US $737.5 million. Peak Petroleum will concentrate on developing New Zealand resources using New Zealand skills, creating jobs here and keeping profits here.”

© Scoop Media

 
 
 
 
 
Business Headlines | Sci-Tech Headlines

 

I Sing The Highway Electric: Charge Net NZ To Connect New Zealand

BMW is turning Middle Earth electric after today announcing a substantial contribution to the charging network Charge Net NZ. This landmark partnership will enable Kiwis to drive their electric vehicles (EVs) right across New Zealand through the installation of a fast charging highway stretching from Kaitaia to Invercargill. More>>

ALSO:

Watch This Space: Mahia Rocket Lab Launch Site Officially Opened

Economic Development Minster Steven Joyce today opened New Zealand’s first orbital launch site, Rocket Lab Launch Complex 1, on the Mahia Peninsula on the North Island’s east coast. More>>

Earlier:

Marketing Rocks!
Ig Nobel Award Winners Assess The Personality Of Rocks

A Massey University marketing lecturer has received the 2016 Ig Nobel Prize for economics for a research project that asked university students to describe the “brand personalities” of three rocks. More>>

ALSO:

Nurofen Promotion: Reckitt Benckiser To Plead Guilty To Misleading Ads

Reckitt Benckiser (New Zealand) intends to plead guilty to charges of misleading consumers over the way it promoted a range of Nurofen products, the Commerce Commission says. More>>

ALSO:

Half A Billion Accounts, Including Xtra: Yahoo Confirms Huge Data Breach

The account information may have included names, email addresses, telephone numbers, dates of birth, hashed passwords (the vast majority with bcrypt) and, in some cases, encrypted or unencrypted security questions and answers. More>>

ALSO:

Rural Branches: Westpac To Close 19 Branches, ANZ Looks At 7

Westpac confirms it will close nineteen branches across the country; ANZ closes its Ngaruawahia branch and is consulting on plans to close six more branches; The bank workers union says many of its members are nervous about their futures and asking ... More>>

Interest Rates: RBNZ's Wheeler Keeps OCR At 2%

Reserve Bank governor Graeme Wheeler kept the official cash rate at 2 percent and said more easing will be needed to get inflation back within the target band. More>>

ALSO:

Get More From Scoop

 
 
 
 
 
 
 
 
 
Business
Search Scoop  
 
 
Powered by Vodafone
NZ independent news