ZEL - Z Energy

[System]

Z Energy is one of New Zealand's largest fuel companies, providing around a third of New Zealand's total fuel needs.

The Company has a network of around 300 service stations and truck stops, over 40 sites in their general aviation network, a 17% share in Refining NZ and a 25% stake in Fly Buys.

http://z.co.nz

 

[System]

On March 30th, 2016, Z Energy Limited changed its ASX code from ZNZ to ZEL.

 

[piggybank]

Yesterday 250 shares were traded, today 1,130,000

 

[oldblue]

Yesterday 250 shares were traded, today 1,130,000

Yes, the NZ Commerce Commission approved ZEL's purchase of the Caltex retail business in NZ, with a few divestment conditions. Shareprice up strongly.

 

[bigdog]

ASX biggest loser today is ZEL Z ENERGY LTD following ASX announcement

13/12/2019 7:31:04 AM Z Energy (ZEL) December Earnings Announcement (uploaded)

Because of weaker than expected refining margins, our response to the changes arising from MARPOL and lower forecast retail margins, Z Energy (Z) has revised its EBITDAF earnings guidance for FY20 to be between $350 million and $385 million from the previous range of $390 million to $430 million.

Consistent with our dividend policy, Z is reflecting the lower earnings outlook in our dividend guidance for FY20 of $0.40 per share, compared to previous guidance of $0.48 to $0.50 cents per share.

104

 

[The Triangle]

Earnings were deteriorating before corona virus with multiple downgrades. Debt is simply too high. Even with the recent capital raising I bet NTA will still be below zero. They wrote about hydrogen, electric stations, fresher food offerings last year - well those cost money to implement and with slashed capital spending in a saturated market I'm not convinced Z has what it takes to get back to a decent level. Anyways, people want cheap quick fuel. Z needs to get with the times.

 

[divs4ever]

Z Energy welcomes shareholder vote in favour refinery conversion

Z Energy (NZX/ASX: ZEL) “Z” welcomes the decision by the shareholders of The New Zealand Refining Company (NZX: NZR) to vote in favour of the proposal to convert NZR’s Marsden Point site into a dedicated fuel import terminal. Commenting on the outcome of the shareholder vote, Z CEO Mike Bennetts said, “The move to an import terminal opens several areas of value to Z, operationally and financially. It will mean a significant reduction in our working capital as we will hold less crude and will mean reduced earnings volatility from no exposure to refining margins meaning greater investor confidence.” Mike said that the conversion to an import terminal is in Z’s view going to maintain the security of supply for New Zealand. “Industry-wide the conversion will mean more cargoes on the water coming to New Zealand from multiple regional refineries, therefore reducing the single point of failure risk from disruption to the supply chain. After the transition to an import terminal there may be less hydrocarbons in New Zealand, in the form of crude and intermediates, but there will be more usable product ready to be distributed to our customers,” Mike added. “It is well-known that Z supports the Sustainable Biofuels Mandate currently being developed by the government. There is an opportunity for the Refinery to contribute to a lower carbon future for New Zealand through the supply of sustainable biofuels but that is a decision for the Board of the Refinery, not Z” concluded Mike. The conversion to an import terminal is likely to be completed by the middle of next year and is not forecast to impact Z’s FY22 earnings.

DYOR

i hold ZEL

 

[divs4ever]

Z Energy receives non-binding indicative acquisition proposal from Ampol;

agrees period of due diligence and exclusivity Z Energy (NZX/ASX: ZEL) (“Z”) has received a non-binding indicative proposal from Ampol to acquire Z at an offer price of $3.78 per share (“Proposal”). The Proposal would be implemented by way of a scheme of arrangement, a courtsupervised process under which a meeting of shareholders would be held to vote on the transaction. Ampol is an Australian based retail fuels and distribution business that is listed on the ASX. Ampol owns and operates the Gull fuel distribution business in New Zealand. The offer price under the current Proposal (prior to any adjustment under the mechanism referred to below) represents: • a 22% premium to the last close on 12 August 2021 (being the date prior to receipt of the Proposal), and • a 26% premium to the 30-day VWAP. The Proposal from Ampol follows earlier unsolicited, confidential and non-binding indicative proposals in the form of letters or verbal communications to Z for $3.35, $3.50 and $3.60 per share. Z and Ampol are discussing the option to include a partial Ampol share consideration and/or a secondary listing of Ampol on the NZX. The Board has sought external advice and carefully considered each of the nonbinding indicative proposals made by Ampol. Although the Board considered that the earlier proposals did not value Z’s business sufficiently to justify the requested exclusivity or confirmatory due diligence access, the Board’s assessment of the most recent Proposal is that it would now be in the best interests of the company and shareholders to grant Ampol a four week period of exclusivity (subject to usual exceptions) for Ampol to undertake confirmatory due diligence, develop their Proposal and for the parties to negotiate transaction documentation. The acquisition is subject to agreeing the binding transaction documentation, Board approval by both Z and Ampol, Z shareholder approval and High Court approval. Any transaction is expected to be subject to approval by both the New Zealand Commerce Commission and the New Zealand Overseas Investment Office. Ampol is confident that the required regulatory approvals will be obtained. Based on Z’s current assessment, and our communications with Ampol to date, a commitment to the full divestment of Gull will be required to further progress the Proposal. Ampol is also committed to delivering appropriate benefits to New Zealand where necessary to support the approval of the transaction by the Overseas Investment Office. Ampol will need to develop the basis of those applications to the mutual satisfaction of itself and Z prior to being in a position to enter into the binding transaction documentation. Because the proposal involves regulatory approvals and, if agreed, would restrict the payment of dividends, Ampol has proposed a dividend adjustment mechanism to accommodate any delays in securing regulatory consents. The mechanism would permit Z to pay a dividend on implementation of the scheme equal to 0.055 cents per share, per calendar day for each day that financial close extends beyond 31 March 2022, up to a limit of 10 cents per share. On receipt of Ampol’s original proposal the Z Board formed a subcommittee to manage the process and retained Goldman Sachs as financial adviser and Chapman Tripp as external legal counsel. Z Chair Abby Foote said, “Although this Proposal is subject to further development and evaluation by both parties, the Board supports a period of exclusive engagement with the objective of developing a transaction that would be acceptable to the Board and shareholders. The Board will always act constructively in the best interests of the company and its shareholders.” Z CEO Mike Bennetts said, “While the Proposal is developed further and evaluated, Z remains committed to safe and reliable operations, meeting the needs of our customers as well as delivering on the many initiatives we recently announced at our Investor Day to create further value for shareholders.” There is no certainty that discussions between Z and Ampol will result in any binding agreement on a transaction. Z’s shareholders do not need to take any action at this time in relation to the proposal by Ampol. The Z Board will continue to keep shareholders and the market informed of material developments.

DYOR

i hold ZEL

 

[divs4ever]

Australia’s Ampol Makes Offer for New Zealand’s Z Energy

https://au.finance.yahoo.com/news/australia-ampol-makes-offer-zealand-225900007.html

DYOR

i hold ZEL

 

[Dona Ferentes]

Court, shareholder and regulatory approvals appear to be the only possible bars to Ampol (nee Caltex Australia) from winning New Zealand’s major petrol company Z Energy.

Wellington-based Z Energy, which spans service stations, fuel infrastructure and New Zealand’s oil refinery, said on Monday it had received Ampol’s non-binding proposal valued at $NZ3.78 a share and had it agreed to a period of due diligence and exclusivity.

Zed can trace its recent roots back to Shell’s Kiwi petrol stations and distribution assets.

Ampol CEO Matt Halliday said on Monday that Z Energy presented a “logical growth opportunity”.

“Both companies are market leaders in their respective home markets and have very similar business models,” he said. “A successful acquisition would create an Australia-NZ leader in fuel, with significant regional scale and trusted and iconic brands on both sides of the Tasman.”

The bid comes Ampol revealed it had returned to profit in the six months to June 30. Ampol was hit hard in 2020 by COVID travel restrictions wiping out demand for transport fuels (especially Jet fuel) and pushing its last-remaining oil refinery ay Lytton on Brisbane to the brink of closure.

“The first half of 2021 has been pivotal for Ampol,” Mr Halliday said. “We finalised our Lytton review, with a commitment to continue operating to support the dual objectives of fuel security and energy transition in partnership with government.”

Z Energy said its board sought external advice and carefully considered each of the non- binding indicative proposals made by Ampol.

“Although the Board considered that the earlier proposals did not value Z’s business sufficiently to justify the requested exclusivity or confirmatory due diligence access, the Board’s assessment of the most recent Proposal is that it would now be in the best interests of the company and shareholders to grant Ampol a four week period of exclusivity (subject to usual exceptions) for Ampol to undertake confirmatory due diligence, develop their Proposal and for the parties to negotiate transaction documentation.

“The acquisition is subject to agreeing the binding transaction documentation, Board approval by both Z and Ampol, Z shareholder approval and High Court approval. Any transaction is expected to be subject to approval by both the New Zealand Commerce Commission and the New Zealand Overseas Investment Office.

“Ampol is confident that the required regulatory approvals will be obtained. Based on Z’s current assessment, and our communications with Ampol to date, a commitment to the full divestment of Gull will be required to further progress the Proposal,” Z said in its statement.

 

[System]

On May 11th, 2022, Z Energy Limited (ZEL) was removed from the ASX's Official List in accordance with Listing Rule 17.11, following implementation of the scheme of arrangement between ZEL and its shareholders in connection with the acquisition of all the issued capital in ZEL by Ampol Holdings NZ Limited (a wholly-owned subsidiary of Ampol Limited).
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