3000 shareholder miss out
The National, Thursday May 22nd, 2014
By GYNNIE KERO
ABOUT 3000 Papua New Guinean shareholders missed out on buying Oil Search shares when it was launched last month, an official said.
Oil Search chief financial officer Stephen Gardiner yesterday said the Share Purchase Plan (SPP) was offered to all PNG and Australian shareholders who held Oil Search shares at as Feb 28.
The shares were worth about A$15,000 (K33,505).
He said the company was now investigating what happened to the mail after that date and why so many booklets were not delivered to the PNG shareholders, despite allowing up to five weeks for the mail to be delivered by PNG Post.
Gardiner said that to clarify concerns raised at the company’s recent annual general meeting held in Port Moresby that PNG shareholders were not given the chance to buy shares.
“There are about 7500 PNG shareholders on the Oil share registry. However, about 3000 of those shareholders cannot be contacted by Oil Search or our share registry, computershare, as they have not provided current contact details.
“Booklets explaining the SPP and a customised application form were mailed to PNG and Australian shareholders last month. Shareholders were given 5 weeks to apply. The SPP shares would be issued on May 23 and commence trading on May 26.
“The SPP is offered to shareholders when a placement to large shareholders is made so that our smaller shareholders have an opportunity to buy shares at the same price.
“We know that Australia Post received the shareholder mailings on April 8. We are investigating what happened to the mailing after that date and why so many booklets were not delivered to our PNG shareholders, despite allowing up to five weeks for the mail to be delivered by PNG Post.
He highlighted that SPP was only offered to shareholders when Oil Search needed to raise a large amount of money via a share placement, such as the placement to the state to fund the acquisition of the PRL 15 Elk/Antelope licence interests. The last placement/SPP equity raising the company completed before this one was in 2009.