The Board of New Zealand Oil & Gas Ltd has announced the establishment of a Dividend Reinvestment Plan.
Under this Plan, shareholders resident in New Zealand or Australia can choose to invest all or part of their future dividends in taking up additional NZOG Shares, instead of receiving cash.
The Plan provides a convenient way for an NZOG shareholder to reinvest dividends in Shares, without incurring brokerage charges. In addition, the Board has decided that, until determined otherwise, new Shares issued under the Plan will be offered at a discount. The number of Shares will be calculated at a 2.5% discount to the weighted average sale price for Shares sold on each of the first five business days immediately following the dividend record date.
Details of the Plan and acceptance forms are being sent to shareholders, along with the June Quarterly Activities Report which was released today. Participation in the Plan is optional and if a shareholder takes no action they will continue receiving dividends in cash (by cheque or direct credit to a bank account).
It is the current policy of the NZOG Board to distribute a reasonable proportion of profits by way of annual dividend. Dividends are expected to be announced with the release of annual results each year. The 2008/09 annual results are to be announced on 26 August 2009.
NB: If you have lost or misplaced your acceptance form, please contact Computershare on 0800 467 335 (NZ) or 1 800 501 366 (Australia) to request a replacement form.
Dividend Reinvestment Plan [299kB]
