Vaalco Energy Inc.

Published : September 28th, 2015

VAALCO Energy Adopts Stockholder Rights Plan

( 0 vote, 0/5 ) Print article
  Article Comments Comment this article Rating Follow Company  
0
Send
0
comment

VAALCO Energy Adopts Stockholder Rights Plan

HOUSTON, Sept. 28, 2015/PRNewswire / -- VAALCO Energy, Inc. (the 'Company' and 'VAALCO') (NYSE: EGY) today announced that its Board of Directors has authorized the adoption of a stockholder rights plan (the 'Rights Plan'). The Rights Plan is designed to proactively assure that all of the Company's stockholders receive fair and equal treatment in the event of a proposed acquisition of the Company, to guard against tactics to gain control of the Company without paying all stockholders a premium for that control, and to enable all of the Company's stockholders to realize the value of their investment in the Company. The Rights Plan is not intended to interfere with any takeover, merger or other business combination approved by the Board of Directors.

The adoption of the stockholders rights plan aims to protect the interests of all VAALCO stockholders. The Board of Directors and management look forward to continuing to engage in constructive dialogue with stockholders regarding the Company's plans for its business and remain committed to strengthening performance and enhancing stockholder value.

Pursuant to the Rights Plan, the Company will issue one preferred share purchase right for each outstanding share of the Company's common stock to stockholders of record on the close of business on October 7, 2015. Initially, these rights will not be exercisable and will trade with the shares of the Company's common stock. Unless earlier redeemed or exchanged, the rights will expire at the close of business on September 25, 2016.

Under the Rights Plan, the rights will generally become exercisable only if a person or group acquires beneficial ownership of 10 percent or more of the Company's outstanding common stock or announces a tender or exchange offer that would result in beneficial ownership of 10 percent or more of the Company's voting stock. In such situation, each holder of a right will be entitled to purchase one ten-thousandth (1/10,000) of a share of a series of junior preferred stock at an exercise price of $7.20per right at a 50% discount, subject to anti-dilution adjustments.

The Company will be entitled to redeem the rights at $0.001 per right at any time prior to the acquisition of beneficial ownership of 10 percent or more of the Company's common stock by a person or group.

If a stockholder or group beneficially owns 10 percent or more of the Company's outstanding common stock at the time of the announcement of the Rights Plan, that stockholder's existing ownership percentage will be grandfathered, but the rights will become exercisable if at any time after the announcement of the Rights Plan such stockholder increases its ownership of the Company's common stock by one share or more.

The Company also today announced that its Board of Directors has amended and restated the Company's bylaws.

Details about the Rights Plan and the amendments to the Company's bylaws will be contained in a Form 8-K to be filed by the Company with the U.S. Securities and Exchange Commission.

Vinson & Elkins L.L.P. is serving as legal counsel to the Company.

About VAALCO

VAALCO Energy, Inc. is a Houstonbased independent energy company principally engaged in the acquisition, exploration, development and production of crude oil. VAALCO's strategy is to increase reserves and production through the exploration and exploitation of oil and natural gas properties with high emphasis on international opportunities. The company's properties and exploration acreage are located primarily in Gabon, Angolaand Equatorial Guineain West Africa.

Other Information

This document includes 'forward-looking statements' within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Forward-looking statements are those concerning VAALCO's plans, expectations, and objectives for future drilling, completion and other operations and activities. All statements included in this document that address activities, events or developments that VAALCO expects, believes or anticipates will or may occur in the future are forward-looking statements. These statements include expected capital expenditures, future drilling plans, prospect evaluations, liquidity, negotiations with governments and third parties, expectations regarding processing facilities, and reserve growth. These statements are based on assumptions made by VAALCO based on its experience, perception of historical trends, current conditions, expected future developments and other factors it believes are appropriate in the circumstances. Such statements are subject to a number of assumptions, risks and uncertainties, many of which are beyond VAALCO's control. These risks include, but are not limited to, oil and gas price volatility, inflation, general economic conditions, the Company's success in discovering, developing and producing reserves, lack of availability of goods, services and capital, environmental risks, drilling risks, foreign operational risks, and regulatory changes. These and other risks are further described in VAALCO's quarterly report on Form 10-Q for the three months ended June 30, 2015, annual report on Form 10-K for the year ended December 31, 2014, and other reports filed with the SEC which can be reviewed at http://www.sec.gov, or which can be received by contacting VAALCO at 9800 Richmond Avenue, Suite 700, Houston, Texas77042, (713) 623-0801. Investors are cautioned that forward-looking statements are not guarantees of future performance and that actual results or developments may differ materially from those projected in the forward-looking statements. VAALCO disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events, or otherwise.

Logo - http://photos.prnewswire.com/prnh/20100316/NY71495LOGO

SOURCE VAALCO Energy, Inc.

For further information: Investor Contacts, Gregory R. Hullinger, Chief Financial Officer, 713-623-0801 OR Al Petrie, Investor Relations Coordinator, 713-543-3422

Read the rest of the article at www.noodls.com
Data and Statistics for these countries : Gabon | All
Gold and Silver Prices for these countries : Gabon | All

Vaalco Energy Inc.

CODE : EGY
ISIN : US91851C2017
Follow and Invest
Add to watch list Add to your portfolio Add or edit a note
Add Alert Add to Watchlists Add to Portfolio Add Note
ProfileMarket
Indicators
VALUE :
Projects & res.
Press
releases
Annual
report
RISK :
Asset profile
Contact Cpy

Vaalco Energy is a and oil producing company based in United states of america.

Vaalco Energy is listed in Germany and in United States of America. Its market capitalisation is US$ 340.2 millions as of today (€ 305.8 millions).

Its stock quote reached its highest recent level on March 30, 2012 at US$ 9.85, and its lowest recent point on December 29, 2017 at US$ 0.68.

Vaalco Energy has 58 862 876 shares outstanding.

Your feedback is appreciated, please leave a comment or rate this article.
Rate : Average note :0 (0 vote) View Top rated
 
Project news of Vaalco Energy Inc.
8/1/20164:30 pm Vaalco Energy to acquire an additional 3.23% partici...
Corporate news of Vaalco Energy Inc.
8/3/2016VAALCO ENERGY ANNOUNCES RETIREMENT OF CHIEF EXECUTIVE OFFICE...
8/3/20166:51 am Vaalco Energy announces retirement of CEO Steve Guid...
8/2/2016VAALCO ENERGY ANNOUNCES ACQUISITION OF ADDITIONAL WORKING IN...
7/30/2016VAALCO ANNOUNCES SECOND QUARTER 2016 EARNINGS RELEASE AND CO...
7/6/2016VAALCO ANNOUNCES CONVERSION OF IFC CREDIT FACILITY TO TERM L...
7/6/2016VAALCO ANNOUNCES AGREEMENT REGARDING REMAINING CONTRACT TERM...
5/12/2016VAALCO ANNOUNCES RESIGNATION OF CHIEF FINANCIAL OFFICER
1/26/2016VAALCO Energy To Explore Strategic Alternatives
1/26/20164:46 pm Vaalco Energy Board provides operational update, for...
12/23/2015VAALCO Energy Announces Agreement With Group 42-BLR Group An...
12/14/2015VAALCO Energy Announces Second Successful Well Drilled To Th...
11/24/2015Here is What Hedge Funds Think About MRV Communications, Inc...
10/27/2015VAALCO Energy Announces Appointment Of New Chief Financial O...
10/27/20154:56 pm Vaalco Energy appoints Don McCormack CFO; effective ...
10/26/2015VAALCO Announces Third Quarter 2015 Earnings Release And Con...
10/15/2015Investigation of VAALCO Energy, Inc. Announced by The Wagner...
10/6/2015VAALCO Energy Issues Statement
10/6/201512:32 pm Vaalco Energy: Shareholders Bradley Radoff and Grou...
10/6/2015Bradley Radoff and Group 42 Deliver Letter to VAALCO's Board
9/28/2015VAALCO Energy Adopts Stockholder Rights Plan
9/16/2015VAALCO Energy Announces Industry-First Offshore Gabon Produc...
9/16/20154:32 pm Vaalco Energy reports that its North Tchibala 1-H we...
8/9/201510-Q for VAALCO Energy, Inc.
8/6/2015/C O R R E C T I O N -- VAALCO Energy, Inc./
8/6/2015VAALCO Energy Announces Second Quarter 2015 Results
8/4/2015VAALCO Energy Authorizes Share Buyback Program
8/3/2015VAALCO Energy Appoints Steven Pully As New Director
7/30/2015VAALCO Energy Announces Results Of IFC Credit Facility Re-De...
7/20/2015Market Update: Monday's Mid-Day Movers; Greece Opens Banks; ...
7/20/2015VAALCO Energy Announces Strong Production Results From South...
7/17/2015VAALCO Announces Second Quarter 2015 Earnings Release And Co...
6/30/2015VAALCO Energy Announces The Appointment Of Cary Bounds As Ch...
6/15/2015Oil Woes Pummel Vaalco in 1Q15, but Hope Remains for a Rebou...
6/15/2015Smithwood Advisers and Hancock Sell Stakes in Energy in 1Q15
5/10/201510-Q for VAALCO Energy, Inc.
5/5/201510-K for VAALCO Energy, Inc.
4/16/2015VAALCO Energy President and Chief Operating Officer Russell ...
4/14/2015VAALCO Energy Announces Continued Success with First Product...
4/14/20158:33 am Vaalco Energy reports Etame 12-H was drilled to ~3,4...
4/13/2015VAALCO Energy Schedules First Quarter 2015 Earnings Conferen...
4/13/2015VAALCO Energy to Present at the IPAA Oil and Gas Investment ...
4/3/2015Webcast-OGIS New York for VAALCO Energy, Inc.
3/31/2015The 52-Week Low Club for Tuesday
3/30/2015VAALCO Energy Provides Update On Operations Offshore Angola
3/17/2015VAALCO Energy to Present at 43rd Annual Scotia Howard Weil E...
3/16/2015VAALCO Energy Announces Fourth Quarter And Full-Year 2014 Re...
3/13/2015VAALCO Energy Reschedules Fourth Quarter And Full-Year 2014 ...
3/4/2015VAALCO Energy Announces Drilling Has Commenced On Block 5 Of...
2/13/2015VAALCO Energy Schedules Fourth Quarter And Full-Year 2014 Ea...
2/10/2015VAALCO Energy Announces Strong Results of the Etame 10-H Wel...
12/22/2014VAALCO Energy Announces Resumed Production From Ebouri 2-H W...
12/11/2014VAALCO Energy Schedules Conference Call to Discuss Etame 8H ...
12/10/2014VAALCO Energy Announces Well Results at Etame Field
Comments closed
 
Latest comment posted for this article
Be the first to comment
Add your comment
NYSE (EGY)FRANKFURT (VAW.F)
5.78-1.70%5.14-2.21%
NYSE
US$ 5.78
09/18 17:00 -0.100
-1.7%
Prev close Open
5.88 5.89
Low High
5.78 5.97
Year l/h YTD var.
4.09 -  7.48 26.75%
52 week l/h 52 week var.
3.89 -  7.48 32.87%
Volume 1 month var.
763,479 -12.16%
24hGold TrendPower© : 17
Produces
Develops
Explores for
 
 
 
Analyse
Interactive chart Add to compare
Interactive
chart
Print Compare Export
You must be logged in to use the porfolio and watchlists (free)
Top Newsreleases
MOST READ
Annual variation
DateVariationHighLow
202428.73%7.514.03
2023-1.54%5.223.51
202242.06%8.773.16
202181.36%4.311.75
2020-18.06%2.600.75
 
5 years chart
 
3 months chart
 
3 months volume chart
 
 
Mining Company News
Plymouth Minerals LTDPLH.AX
Plymouth Minerals Intersects Further High Grade Potash in Drilling at Banio Potash Project - Plannin
AU$ 0.12-8.00%Trend Power :
Santos(Ngas-Oil)STO.AX
announces expected non-cash impairment
AU$ 7.08+0.50%Trend Power :
OceanaGold(Au)OGC.AX
RELEASES NEW TECHNICAL REPORT FOR THE HAILE GOLD MINE
AU$ 2.20+0.00%Trend Power :
Western Areas NL(Au-Ni-Pl)WSA.AX
Advance Notice - Full Year Results Conference Call
AU$ 3.86+0.00%Trend Power :
Canadian Zinc(Ag-Au-Cu)CZN.TO
Reports Financial Results for Q2 and Provides Project Updates
 0.12+4.55%Trend Power :
Stornoway Diamond(Gems-Au-Ur)SWY.TO
Second Quarter Results
CA$ 0.02+100.00%Trend Power :
McEwen Mining(Cu-Le-Zn)MUX
TO ACQUIRE BLACK FOX FROM PRIMERO=C2=A0
US$ 8.91-2.73%Trend Power :
Rentech(Coal-Ngas)RTK
Rentech Announces Results for Second Quarter 2017
US$ 0.20-12.28%Trend Power :
KEFIKEFI.L
Reduced Funding Requirement
GBX 0.59-3.26%Trend Power :
Lupaka Gold Corp.LPK.V
Lupaka Gold Receives First Tranche Under Amended Invicta Financing Agreement
CA$ 0.05+10.00%Trend Power :
Imperial(Ag-Au-Cu)III.TO
Closes Bridge Loan Financing
CA$ 2.06+0.00%Trend Power :
Guyana Goldfields(Cu-Zn-Pa)GUY.TO
Reports Second Quarter 2017 Results and Maintains Production Guidance
CA$ 1.84+0.00%Trend Power :
Lundin Mining(Ag-Au-Cu)LUN.TO
d Share Capital and Voting Rights for Lundin Mining
 12.67+0.88%Trend Power :
Canarc Res.(Au)CCM.TO
Canarc Reports High Grade Gold in Surface Rock Samples at Fondaway Canyon, Nevada
CA$ 0.34+6.25%Trend Power :
Havilah(Cu-Le-Zn)HAV.AX
Q A April 2017 Quarterly Report
AU$ 0.19+2.70%Trend Power :
Uranium Res.(Ur)URRE
Commences Lithium Exploration Drilling at the Columbus Basin Project
US$ 6.80-2.86%Trend Power :
Platinum Group Metals(Au-Cu-Gems)PTM.TO
Platinum Group Metals Ltd. Operational and Strategic Process ...
 1.77-2.21%Trend Power :
Devon Energy(Ngas-Oil)DVN
Announces $340 Million of Non-Core Asset Sales
US$ 40.37-0.22%Trend Power :
Precision Drilling(Oil)PD-UN.TO
Announces 2017Second Quarter Financial Results
CA$ 8.66-0.35%Trend Power :
Terramin(Ag-Au-Cu)TZN.AX
2nd Quarter Report
AU$ 0.04+0.00%Trend Power :
Take advantage of rising gold stocks
  • Subscribe to our weekly mining market briefing.
  • Receive our research reports on junior mining companies
    with the strongest potential
  • Free service, your email is safe
  • Limited offer, register now !
Go to website.