VAALCO Announces Stockholder Approval of Proposals in Connection with TransGlobe

Source: www.gulfoilandgas.com 9/29/2022, Location: North America

VAALCO Energy, Inc. announced that at VAALCO’s special meeting of stockholders held today regarding the proposed combination with TransGlobe Energy Corporation, both proposals were approved by VAALCO’s stockholders.

At the special meeting, VAALCO’s stockholders voted (i) 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; and (ii) 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.

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 (the “SEC”) today.

As previously announced by TransGlobe, in order to permit 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. Subject to satisfaction of the conditions precedent to the arrangement agreement, the proposed arrangement is expected to be consummated in the fourth quarter of 2022.

George Maxwell, VAALCO’s Chief Executive Officer commented, “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. There is significant inherent value within the combined portfolio, and we thank our shareholders for supporting this combination.”


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