TransGlobe Energy Corporation AGM Statement

Data : 14/05/2020 @ 08:00
Fonte : UK Regulatory (RNS & others)
Titolo : Transglobe Energy Corporation (TGL)
Quotazione : 45.5  0.0 (0.00%) @ 08:41
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TransGlobe Energy Corporation AGM Statement

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RNS Number : 8399M

TransGlobe Energy Corporation

14 May 2020

TRANSGLOBE ENERGY CORPORATION ANNOUNCES AGM VOTING RESULTS

AND CONFIRMATION OF BOARD CHANGES

AIM & TSX: "TGL" & NASDAQ: "TGA"

Calgary, Alberta, May 14, 2020 - TransGlobe Energy Corporation ("TransGlobe" or the "Company") announces its AGM voting results.

Report in Respect of Voting Results Pursuant to Section 11.3 of

National Instrument 51-102 - Continuous Disclosure Obligations

The following sets forth a brief description of each matter voted upon at the annual general and special meeting (the "Meeting") of the holders of common shares of TransGlobe Energy Corporation ("TransGlobe" or the "Company") held on May 13, 2020 and the outcome of the vote:

 
                                                                           Votes Against 
                                                              Votes For     or Withheld 
                                                  Outcome      (ballots       (ballots 
 Description of Matter                             of Vote       only)         only) 
----------------------------------------------  -----------  -----------  -------------- 
       1. Ordinary resolution fixing 
        the number of directors of TransGlobe 
        to be elected at the Meeting at 
        seven (7).                                Approved    23,508,664     6,243,177 
                                                                79.02%         20.98% 
       2. Ordinary resolution electing 
        the following nominees to serve 
        as directors of TransGlobe for 
        the ensuing year, or until their 
        successors are duly elected or 
        appointed, as more particularly 
        described in the information circular 
        of TransGlobe dated March 27, 
        2020 (the "Information Circular"): 
       David B. Cook                              Approved    20,947,677     8,803,539 
                                                                70.41%         29.59% 
       Randall C. Neely                                       24,145,233     5,605,983 
                                                                81.16%         18.84% 
       Carol Bell                                             21,214,672     8,537,169 
                                                                71.31%         28.69% 
       Ross G. Clarkson                                       24,892,978     4,858,238 
                                                                83.67%         16.33% 
       Edward D. LaFehr                                       24,348,135     5,403,706 
                                                                81.84%         18.16% 
       Timothy R. Marchant                                    24,270,760     5,481,081 
                                                                81.58%         18.42% 
       Steven W. Sinclair                                     21,677,952     8,073,889 
                                                                72.86%         27.14% 
 3. Ordinary resolution appointing                Approved     Show of        Show of 
  Deloitte LLP, Chartered Accountants,                           hands         hands 
  as auditors of TransGlobe for 
  the ensuing year and to authorize 
  the directors of TransGlobe to 
  fix their remuneration as such. 
 
                          Approved                            23,142,128     6,609,713 
  4. Advisory resolution accepting 
   the Company's approach to executive 
   compensation, as described in 
   the Information Circular.                                    77.78%         22.22% 
 
 5. Ordinary resolution confirming 
  amendments to the Company's Advance 
  Notice By-Laws as described in 
  the Information Circular.                       Approved    27,000,768     2,751,074 
                                                                90.75%         9.25% 
 

Following the Meeting, TransGlobe's Committees of the Board of Directors will be constituted as follows:

 
    RHSES Committee          Audit Committee        CHR&G Committee 
 Edward LaFehr - Chair   Steven Sinclair - Chair   Carol Bell - Chair 
                        ------------------------  ------------------- 
 Ross Clarkson           Carol Bell                Timothy Marchant 
                        ------------------------  ------------------- 
 Timothy Marchant        Edward LaFehr             Steven Sinclair 
                        ------------------------  ------------------- 
 

RHSES: Reserves, Health, Safety, Environment and Social Responsibility Committee

CHR&G: Compensation, Human Resources and Governance Committee

Shareholder Outreach

Our Board of Directors and Compensation, Human Resources and Governance Committee is committed to engaging with shareholders and incorporating their feedback into our governance and planning processes. In advance of the AGM, the Board (Mr. Cook and Dr. Bell) reached out to several of the Company's largest shareholders to discuss key elements of Board governance, including strategy and compensation. The Board is very grateful to the institutions that agreed to speak with them and for the valuable and constructive feedback received during these conversations which informed the Board's discussions over long-term incentive grants. The Board has agreed to decrease the level of these grants for 2020, both to the Executive and Board members, by 35%. This decrease is in addition to the previously announced voluntary reduction of both Executive salaries and Director retainers. The Company remains committed to being transparent with and accountable to our investors and look forward to further engagement with shareholders. Dr. Carol Bell or Mr. David Cook can be reached at boardofdirectors@trans-globe.com .

Director Retirement

Ms. Susan MacKenzie chose not to stand for re-election, retiring effective May 12, 2020. The Board and the Executive wish to thank Ms. MacKenzie for her invaluable service over the past six years and wish her the best in her future pursuits.

About TransGlobe

TransGlobe Energy Corporation is a cash flow focused oil and gas exploration and development company whose current activities are concentrated in the Arab Republic of Egypt and Canada. TransGlobe's common shares trade on the Toronto Stock Exchange and the AIM market of the London Stock Exchange under the symbol TGL and on the NASDAQ Exchange under the symbol TGA.

 
 For further information, please 
  contact: 
 TransGlobe Energy                                                   Via FTI Consulting 
 Randy Neely, President and Chief 
  Executive Officer 
 Eddie Ok, Chief Financial Officer 
 
 Canaccord Genuity (Nomad & Sole 
  Broker)                                                          +44 (0) 20 7523 8000 
 Henry Fitzgerald-O'Connor 
 James Asensio 
 
 FTI Consulting (Financial PR)                                     +44 (0) 20 3727 1000 
 Ben Brewerton                                       transglobeenergy@fticonsulting.com 
 Genevieve Ryan 
 
 Tailwind Associates (Investor Relations) 
 Darren Engels                                             darren@tailwindassociates.ca 
                                                       http://www.tailwindassociates.ca 
                                                                        +1 403.618.8035 
 
                                                     investor.relations@trans-globe.com 
                                                             http://www.trans-globe.com 
                                                                        +1 403.264.9888 
 

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.

END

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May 14, 2020 02:00 ET (06:00 GMT)

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