New Zealand Oil&Gas (NZOG) is to issue about 5.24 million new shares on Friday under its dividend reinvestment plan.NZOG, which paid a 5c per share annual dividend, enables shareholders to reinvest their dividends in new shares at a 2.5 percent discou
New Zealand Oil&Gas (NZOG) is to issue about 5.24 million new shares on Friday under its dividend reinvestment plan.
NZOG, which paid a 5c per share annual dividend, enables shareholders to reinvest their dividends in new shares at a 2.5 percent 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 applying to the 2010 dividend was $1.29673, meaning that with a 2.5 percent discount the issue price for the new shares was $1.26431. Therefore, a dividend of $100 would be reinvested in 79 additional shares, NZOG said today.
At the dividend record date of September 17, 5097 shareholders (32 percent of those registered), with 133,238,340 shares (34 percent of the issued capital) were enrolled in the dividend reinvestment plan.
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