Repost from the EGY Yahoo board
This could be interesting . JMHO
Re:::Don2 days ago
The statement below comes from the SEC filing by Vaalco:
"The arrangement agreement requires that VAALCO issue and deliver to TransGlobe shareholders the consideration shares which are approximately 49.3 million shares of VAALCO common stock. In order to issue the consideration shares to TransGlobe shareholders in connection with the arrangement, it is necessary to amend the VAALCO Certificate of Incorporation to increase the amount of authorized capital stock from 100,500,000 shares, divided into 100,000,000 shares of VAALCO common stock and 500,000 shares of VAALCO preferred stock, to 160,500,000 shares, divided into 160,000,000 shares of VAALCO common stock and 500,000 shares of VAALCO preferred stock".
Vaalco has issued about 57,000,000 shares according to last quarter financial statement. With the additional 50,000,000 shares needed to complete the deal, they would need a total of 107,000,000 shares. Vaalco has already filed a shelf registration for $150,000,000 or approximately 29,000,000 shares at today's price back in Dec of 2021. Why do we need 60,000,000 new shares, when we have everything already in place to complete the deal?
My gut feeling is that there may be up to $25,000,000 in golden parachutes going to TGA board member and management. I think we need to know by Monday, exactly why we need all these additional shares. Without any explanation, I am voting no on 1st Amendment Proposal.
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jmho
