TGA / TGL paying dividend , and is Ross out ???
TransGlobe Energy Corporation Announces Declaration of Dividend and Board of Directors Transitions
AIM & TSX: “TGL” & NASDAQ: “TGA”
This Announcement contains inside information as defined in Article 7 of the Market Abuse Regulation No. 596/2014 (“MAR”). Upon the publication of this Announcement, this inside information is now considered to be in the public domain.
CALGARY, Alberta, March 12, 2019 (GLOBE NEWSWIRE) -- TransGlobe Energy Corporation (“TransGlobe” or the “Company”) announces declaration of dividend and changes to the composition of its Board of Directors.
DECLARATION OF DIVIDEND
TransGlobe announced that its Board of Directors has declared a dividend of US$0.035 per common share, which will be paid in cash on April 18, 2019 to shareholders of record on March 29, 2019.
The dividend is designated as an eligible dividend under the Income Tax Act (Canada).
TransGlobe’s dividend policy is to return capital to shareholders through semi-annual payments of a significant portion of free cash flow. For these purposes, free cash flow is defined as net cash generated by operating activities less capital expenditures, debt repayments, and anticipated business development capital, calculated on an annual basis.
BOARD CHANGES
On May 11, 2018 the Company announced its intention to transition from a Board of Directors consisting of nine to seven members by the 2019 AGM with five of seven members being independent. This transition plan is finalized, has been successfully managed to ensure minimal disruption to the Company and its governance processes, and will be complete at our AGM in May.
Effective March 12, 2019 Mr. Edward David LaFehr (age 59) will join the Board as a non-executive independent director. Mr. LaFehr is the President and CEO of Baytex Energy Corp., a Canadian headquartered oil and gas company engaged in the acquisition, development and production of crude oil and natural gas in the Western Canadian Sedimentary Basin and in the Eagle Ford in the United States whose shares are listed on the TSX in Canada and the NYSE in the United States. Mr. LaFehr has extensive international experience with various major and independent companies over his 30+ year career, including living and working in Egypt. Mr. LaFehr will be replacing Mr. Bob MacDougall who has resigned from the Board effective immediately. The Board wishes to thank Mr. MacDougall for his contributions to the Board over the past four years.
Mr. LaFehr currently holds or has held the following directorships or partnerships over the last five years:
Current Directorships
Past Directorships
Baytex Energy Corp.
TAQA North Ltd.
Baytex Energy Ltd.
TAQA North USA, Inc.
Baytex Canada Finance Ltd.
TNW Energy LLC
Baytex Energy USA LLC
Jorf Lasfar Energy Company 5 & 6, SA (Supervisory Board)
BTE Finance Company Ltd.
TAQA Morocco S.A. (Supervisory Board)
1828848 Alberta Ltd.
TAQA Atrush B.V.
TAQA Bratani Limited
TAQA Bratani LNS Limited
TAQA Power Ventures BV
TAQA Jubail Investment Company
TAQA Takoradi Investment Company II
TAQA Generation International Operating Company
TAQA Generation Investment Company II
TAQA Generation Investment Company III
TAQA Generation Investment Company IV
TAQA Generation Investment Company VII
TAQA Generation Jorf Lasfar III
Save as disclosed above, there are no further disclosures required to be made in respect of the appointment under Schedule 2(g) or Rule 17 of the AIM Rules for Companies.
In addition, Messrs. Robert Jennings and Matthew Brister will both retire from the Board and will not be standing for re-election at the Company's annual general meeting on May 10, 2019. The Company wishes to thank Mr. Jennings for his guidance, leadership and significant contributions over the past seven years as Chair of our Board of Directors. The Company also wishes to thank Mr. Brister for his service and contributions to TransGlobe over the past two years.
We wish each of Messrs. Jennings, Brister and MacDougall all the best in the future.
In addition, the Board is pleased to announce that after a rigorous review of both incumbent and in-coming directors that Mr. David Cook, currently a Non-Executive Director of the Company, will be appointed Chair of the Board upon his election to the Board of Directors at our annual general meeting to be held on May 10, 2019. The Board believes that Mr. Cook possesses the most appropriate mix of skills to take on the role as Chair given his CEO leadership experience at INEOS DeNoS and DONG Energy group (now Orsted), his deep understanding of operating in the Middle-East, his significant contacts in the business and investor communities in the London and European markets and his significant experience in governance and business development matters.
Mr. Jennings, Chairman of TransGlobe Energy commented:
“We are very pleased with the outcome of this Board transition. We have added two very highly qualified individuals to the board in Carol Bell and Ed LaFehr, both of whom complement the remaining members, including Mr. Cook as Chair of the Board.”
