Calgary, Alberta – TransGlobe Energy Corporation (AIM: TGL) (TSX: TGL) (NASDAQ: TGA) (“TransGlobe” or the “Company”) is pleased to note the updated report issued by a leading proxy advisor, Institutional Shareholder Services (“ISS”), recommends its institutional clients vote FOR the proposed business combination (“Proposed Transaction”) of TransGlobe and VAALCO Energy, Inc. (NYSE: EGY) (LSE: EGY) (“VAALCO”) to create a world-class African-focused E&P company supporting sustainable shareholder returns and growth.
Following a re-evaluation due to concerns recently raised by a shareholder of TransGlobe, ISS has again concluded that the proposed transaction is of “sound strategic rationale”. In a further statement, ISS highlighted that the merger will provide current shareholders of both organisations the opportunity to participate in the “potential upside represented by a combined company through a more diverse set of operating assets and attractive opportunities for capital allocation”. These highlights, along with ISS’s recommendations, are in line with the TransGlobe Board of Directors’ unanimous approval of the proposed business combination.
Randy Neely, President & CEO of TransGlobe commented:
“We are very pleased that ISS continues to support the transaction and recommends all TransGlobe shareholders vote FOR the combination of TransGlobe and VAALCO. The Board and management of the Company continue to unanimously support the merger which offers shareholders a compelling opportunity and will deliver material benefits for TransGlobe shareholders.”