Exchange rebukes Petro Taranaki
By
Simon Louisson in
Wellington
Petro Taranaki NL directors were rapped over the knuckles by the New Zealand Stock Exchange on Thursday for contributing to media speculation about the future of the company. After newspaper reports that a statement would be made on Thursday morning, the exchange requested Petro Taranaki to inform the market about its intentions for the company to prevent further media speculation. The executive director of the Stock Exchange, Mr Roger Gill, said that there appeared to be some confusion in the media surrounding Petro Taranaki’s intention to switch from an oil company to an investment vehicle, and he requested an update of the company’s November statement. Companies have a duty
to inform the exchange about any matters affecting the company to avoid the possibility of a partially informed market.
Mr Gill said that the Petro Taranaki directors were not given any formal warning but as a result of “discussions” the company released a statement to the exchange.
Petro Taranaki is advertising for offers from parties with proposals that might be suitable future activities for the com-
pany. The statement to the exchange said that no agreement had. been reached with any party. In November, the directors said they had several approaches by parties wanting Petro Taranaki as an investment vehicle and they would sell most of the oil interests to sister company Cue Energy Resources NL.
The directors said they have to consider two aspects — the terms of any acquisition for the vendors and an evaluation of the benefits to shareholders.
The statement said that Petro Taranaki was in a “highly liquid position” with more than SI.7M in cash on short-term deposit
and has other assets in negotiable securities. The company has no outstanding oil-exploration obligations and the directors say they will not commit the company to new exploration. The directors assure shareholders that there is no intention to make any call on the company’s contributing shares. Further details are expected to be available in the quarterly report due out soon.
Permanent link to this item
Hononga pūmau ki tēnei tūemi
https://paperspast.natlib.govt.nz/newspapers/CHP19860203.2.163.1
Bibliographic details
Ngā taipitopito pukapuka
Press, 3 February 1986, Page 30
Word count
Tapeke kupu
339Exchange rebukes Petro Taranaki Press, 3 February 1986, Page 30
Using this item
Te whakamahi i tēnei tūemi
Stuff Ltd is the copyright owner for the Press. You can reproduce in-copyright material from this newspaper for non-commercial use under a Creative Commons Attribution-NonCommercial-ShareAlike 4.0 International licence (CC BY-NC-SA 4.0). This newspaper is not available for commercial use without the consent of Stuff Ltd. For advice on reproduction of out-of-copyright material from this newspaper, please refer to the Copyright guide.
Copyright in all Footrot Flats cartoons is owned by Diogenes Designs Ltd. The National Library has been granted permission to digitise these cartoons and make them available online as part of this digitised version of the Press. You can search, browse, and print Footrot Flats cartoons for research and personal study only. Permission must be obtained from Diogenes Designs Ltd for any other use.
Acknowledgements
Ngā mihi
This newspaper was digitised in partnership with Christchurch City Libraries.
Log in