New Zealand Oil & Gas has announced that the scheme of arrangement with O.G. Oil & Gas (Singapore) (OGOG) was not approved by minority shareholders at the scheme meeting today.
To proceed, the scheme required 75% of the votes cast by minority shareholders (shareholders other than OGOG) to be in favour of it.
36.84% of the votes of minority shareholders were in favour of the scheme resolution and 63.09% were against.
795 minority shareholders, representing 68.89% of the total number of minority shareholders voting, voted in favour of the scheme resolution. 359 minority shareholders, representing 31.11% of the total number of minority shareholders voting, voted against.
As the scheme has not been approved by the required majority of votes cast, it cannot move forward to court approval. It is anticipated that the scheme implementation agreement with OGOG will be terminated and the scheme will not proceed.