8th Aug 2022 14:17
Vaalco Energy Inc - Houston, Texas-based exploration and production in West Africa - Announces quarterly dividend and share buyback ahead of its planned all-share merger with Calgary, Alberta-based TransGlobe Energy Corp. Vaalco declares dividend for financial third quarter of USD0.0325 per share and affirms plan to nearly double its annualised dividend to USD0.25 following the TransGlobe merger, which was announced last month. Also announces USD30 million share buyback, which is conditional on the merger being completed.
Vaalco shareholders will hold about 54.5% of the combined company, with shareholders of TransGlobe owning the remaining 45.5%. "By combining these two companies we are able to build scale, a stronger balance sheet and a more material and diversified baseline of production," Chief Executive Officer George Maxwell says. "This should allow us to generate meaningful cash flow to fund increased shareholder dividends, share buy-backs and potential supplemental shareholder returns at a rate that would not be achievable by either of Vaalco or TransGlobe on a standalone basis."
Current stock price in London: 450.00 pence
12-month change: up 50%
By Tom Waite; [email protected]
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