TransGlobe Energy Corporation Announces Postponement of Annual and Special Meeting of Shareholders
April 15 2014 - 5:06PM
Marketwired
TransGlobe Energy Corporation Announces Postponement of Annual and
Special Meeting of Shareholders
CALGARY, ALBERTA--(Marketwired - Apr 15, 2014) - TransGlobe
Energy Corporation ("TransGlobe" or the "Company")
(TSX:TGL)(NASDAQ:TGA) announces that the Annual General and Special
Meeting of Shareholders, which was scheduled for May 8th, 2014, has
been rescheduled to June 10th, 2014. Further details regarding the
meeting of shareholders will be contained in the Information
Circular that will be mailed to shareholders of the Company in due
course.
Advance Notice By-Law
TransGlobe's Board of Directors has adopted By-Law No. 2, which
requires advance notice to the Company in circumstances where
nominations of persons for election as a director of the Company
are made by shareholders. The terms of the by-law are consistent
with those advance notice by-laws adopted by a majority of the
S&P/TSX Composite Index companies in the past year, which have
been endorsed by proxy advisory firms and overwhelmingly approved
by their shareholders. The by-law is currently in effect.
The by-law fixes a deadline by which shareholders must submit a
notice of director nominations to the Company prior to any annual
or special meeting of shareholders where directors are to be
elected and sets forth the information that a shareholder must
include in the notice for it to be valid. The by-law facilitates an
orderly and efficient annual or special meeting process and it
ensures that all shareholders receive adequate notice of director
nominations with sufficient information with respect to all
nominees. This allows the Company and its shareholders to evaluate
the proposed nominees' qualifications and suitability as directors,
which further allows shareholders to cast an informed vote for the
election of directors.
At the next meeting of shareholders, shareholders will be asked
to confirm and ratify the by-law. If the by-law is not confirmed at
the shareholders' meeting by an ordinary resolution of the
shareholders, it will be of no further force and terminate. A copy
of the by-law has been filed and is available under the Company's
profile at www.sedar.com.
TransGlobe Energy Corporation is a Calgary-based,
growth-oriented oil and gas exploration and development company
focused on the Middle East/North Africa region with production
operations in the Arab Republic of Egypt and the Republic of Yemen.
TransGlobe's common shares trade on the Toronto Stock Exchange
under the symbol TGL and on the NASDAQ Exchange under the symbol
TGA. TransGlobe's convertible debentures trade on the Toronto Stock
Exchange under the symbol TGL.DB.
Cautionary Statement to Investors:
This news release may include certain statements that may be
deemed to be "forward-looking statements" within the meaning of the
U.S. Private Securities Litigation Reform Act of 1995. Such
statements relate to possible future events. All statements other
than statements of historical fact may be forward-looking
statements. Forward-looking statements are often, but not always,
identified by the use of words such as "seek", "anticipate",
"plan", "continue", "estimate", "expect", "may", "will", "project",
"predict", "potential", "targeting", "intend", "could", "might",
"should", "believe" and similar expressions. These statements
involve known and unknown risks, uncertainties and other factors
that may cause actual results or events to differ materially from
those anticipated in such forward-looking statements. Although
TransGlobe's forward-looking statements are based on the beliefs,
expectations, opinions and assumptions of the Company's management
on the date the statements are made, such statements are inherently
uncertain and provide no guarantee of future performance.
In particular, this press release contains forward-looking
statements regarding the Company's plans to issue a quarterly and a
special dividend to shareholders. Actual results may
differ materially from TransGlobe's expectations as reflected in
such forward-looking statements as a result of various factors,
many of which are beyond the control of the Company, including
obtaining bank lender and regulatory approval for the payment of
the proposed dividends. The ability of the Company to declare and
pay dividends in the future are subject to factors which include,
but are not limited to, unforeseen changes in the rate of
production from TransGlobe's oil and gas properties, changes in
price of crude oil and natural gas, adverse technical factors
associated with exploration, development, production or
transportation of TransGlobe's crude oil and natural gas reserves,
changes or disruptions in the political or fiscal regimes in
TransGlobe's areas of activity, changes in tax, energy or other
laws or regulations, changes in significant capital expenditures,
delays or disruptions in production due to shortages of skilled
manpower, equipment or materials, economic fluctuations, and other
factors beyond the Company's control. With respect to
forward-looking statements contained in this press release
regarding the Company's ability to pay dividends in the future,
assumptions have been made regarding, among other things: the
Company's ability to obtain qualified staff and equipment in a
timely and cost-efficient manner; the regulatory framework
governing royalties, taxes and environmental matters in the
jurisdictions in which the Company conducts and will conduct its
business; future capital expenditures to be made by the Company;
future sources of funding for the Company's capital programs;
geological and engineering estimates in respect of the Company's
reserves and resources; and the geography of the areas in which the
Company is conducting exploration and development activities.
TransGlobe does not assume any obligation to update
forward-looking statements if circumstances or management's
beliefs, expectations or opinions should change, other than as
required by law, and investors should not attribute undue certainty
to, or place undue reliance on, any forward-looking statements.
Please consult TransGlobe's public filings at www.sedar.com and
www.sec.gov/edgar.shtml for further, more detailed information
concerning these matters, including additional risks
related to TransGlobe's business.
TransGlobe Energy CorporationInvestor RelationsSteve
Langmaid(403)
444-4787investor.relations@trans-globe.comwww.trans-globe.com
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