Zeta Resources Ltd. plans to make a partial takeover offer to acquire at least 41.955% of all the shares of New Zealand Oil & Gas Ltd., or NZO, for 72 Australian cents per common share.
The company, through its wholly owned subsidiary, Zeta Energy Pte. Ltd., is the largest shareholder of NZO, with a 17.5% stake, and intends to control at least a 50.01% ownership in NZO.
NZO's second largest shareholder, which holds an approximately 8.3% interest, has agreed to accept the offer.
Zeta Energy noted that it intends to use best endeavors to return a further A$50 million capital to shareholders within six months of acquiring a majority stake in NZO.
Zeta's independent directors unanimously support the offer, according to the Aug. 10 release.