- VAALCO Energy shareholders have approved the proposed combination with TransGlobe Energy Corporation (TGL)
- The stockholders approved to increase VAALCO’s authorized shares of common stock from 100,000,000 shares to 160,000,000 shares
- They also approved the issuance of shares of VAALCO’s common stock to shareholders of TransGlobe in connection with the arrangement agreement entered into by VAALCO, VAALCO Energy Canada ULC and TransGlobe
- VAALCO Energy Inc., founded in 1985, is a USA-based, independent energy company with production, development and exploration assets in the West African region
- TransGlobe Energy Corp. and its subsidiaries are engaged in oil and natural gas exploration
- TransGlobe Energy Corp. was up 0.535 per cent, trading at C$3.76 at 12:58 PM ET
VAALCO Energy shareholders have approved the proposed combination with TransGlobe Energy Corporation (TGL).
That approval was given at VAALCO’s special meeting of stockholders held today, September 29, 2022.
At the special meeting, VAALCO’s stockholders were faced with making decisions on two issues through their votes.
The first was to approve an amendment to VAALCO’s restated certificate of incorporation to increase VAALCO’s authorized shares of common stock from 100,000,000 shares to 160,000,000 shares.
The second was to approve the issuance of shares of VAALCO’s common stock to shareholders of TransGlobe in connection with the arrangement agreement entered into by VAALCO, VAALCO Energy Canada ULC and TransGlobe on July 13, 2022.
The stockholders of VAALCO approved the two proposals through their votes.
VAALCO plans to file the results of the special meeting, as tabulated by an independent inspector of elections, on a current report on Form 8-K with the Securities and Exchange Commission today.
As earlier announced by TransGlobe, in order to permit the solicitation of additional proxies, TransGlobe has postponed its shareholder meeting to approve the proposed arrangement until 9:00 a.m. Mountain Time on October 7, 2022.
If the conditions concerning the arrangement agreement are met, the proposed arrangement is expected to be executed in the fourth quarter of 2022.
“The combination of these two companies should build a business of scale, a stronger balance sheet and a more material and diversified baseline of production that will underpin the combined company’s opportunities for success at a rate that would not be achievable alone,” stated George Maxwell, VAALCO’s Chief Executive Officer.
VAALCO Energy Inc., founded in 1985, is a USA-based, independent energy company with production, development and exploration assets in the West African region.
TransGlobe Energy Corporation and its subsidiaries are engaged in oil and natural gas exploration.
TransGlobe Energy Corp. was up 0.535 per cent, trading at C$3.76 at 12:58 PM ET.