In 24 August 2011, NZOG (New Zealand Oil & Gas Ltd) announced that a dividend of 2 cents per ordinary share would be paid on 30 September 2011, to shareholders on record at 16 September 2011.
Since 2009 NZOG has offered a Dividend Reinvestment Plan (DRP). The DRP allows NZOG shareholders to reinvest dividends in additional shares, without incurring brokerage charges.
At 16 September 2011, 5,116 shareholders (33% of the registered shareholders), with 120,865,442 shares (31% of the issued capital) were enrolled in the DRP.
For the 2011 dividend, as in previous years, the number of additional shares has been calculated at a 2.5% discount to the weighted average sale price for shares sold on the NZX on each of the first five business days immediately following the dividend record date.
The weighted average sale price for NZOG shares sold on the NZX on the following five business days was 69.04 cents. With a 2.5% discount, the issue price for the new shares is therefore 67.314 cents.
As an example, a NZ$100 cash dividend is reinvested in 149 additional shares.
3,560,852 new shares will be issued by NZOG on Friday 30 September 2011.
Dividend payments to shareholders who did not take up the DRP will be made on the same date, either by direct credit to a bank account or by mailed cheque.
