15 Mar 2016other● Neutral
The board adopted a new 2016 Stock Appreciation Rights Plan for employee and director compensation.
Announcements, explained
Each one in plain English, with the numbers worked through for a shareholder.
4 Mar 2016debt financing● Neutral
The borrowing base under VAALCO's revolving credit facility with the International Finance Corporation was reset at $20.1 million in the regular semi-annual redetermination, with all covenants unchanged.
8 Jan 2016listing compliance notice● Neutral
VAALCO formally terminated the SEC registration of its Preferred Share Purchase Rights, completing the wind-down of the rights plan adopted in September 2015 and terminated that December.
24 Dec 2015listing compliance notice● Neutral
The NYSE notified the SEC it was removing VAALCO's Preferred Stock Purchase Rights from listing, since all such rights were extinguished when the shareholder rights plan was terminated in the December 22, 2015 settlement.
24 Dec 2015listing compliance notice● Neutral
A same-day amended version of the NYSE's notice removing VAALCO's terminated Preferred Stock Purchase Rights from listing.
23 Dec 2015director officer appointment● NeutralMajor
VAALCO settled with Group 42 and Bradley Radoff's BLR Group, which withdrew its consent solicitation. Directors Jennings and Chapoton retired, Michael Keane joined the board as the group's designee, Andrew Fawthrop became Chairman, the Rights Agreement was terminated, and the bylaws were amended.
23 Dec 2015director officer appointment● NeutralMajor
VAALCO signed a stockholder agreement with Kornitzer Capital Management and John Kornitzer and appointed Kornitzer's designee John Knapp to the board. He filled one of the vacancies left by the resignations of James Jennings and O. Donaldson Chapoton, and joined the Audit Committee.
4 Dec 2015other● Neutral
VAALCO's final response to SEC comments on its proxy materials, filed three weeks before the Group 42/BLR Partners dispute was settled and the contested special meeting was cancelled.
3 Dec 2015other● Neutral
A further SEC comment letter on VAALCO's proxy materials, shortly before the board dispute with Group 42/BLR Partners was settled and the special meeting called off.
2 Dec 2015other● Neutral
VAALCO responded to further SEC comments on its revised preliminary proxy statement, continuing the review of the special-meeting materials.
2 Dec 2015other● Neutral
A further SEC comment letter on VAALCO's amended preliminary proxy statement, continuing the review during the Group 42/BLR Partners dispute.
2 Dec 2015other● Neutral
A further SEC comment letter on VAALCO's proxy materials during the same review cycle.
30 Nov 2015other● Neutral
VAALCO responded to SEC comments on its preliminary proxy statement and filed Amendment No. 1, continuing SEC review of the special-meeting materials tied to the Group 42/BLR Partners dispute.
25 Nov 2015other● Neutral
SEC staff sent comments on VAALCO's preliminary proxy statement, which VAALCO responded to by amending the statement.
24 Nov 2015other● Neutral
A further SEC staff letter as part of its review of VAALCO's preliminary proxy statement during the Group 42/BLR Partners board dispute.
23 Nov 2015other material event▼ BadMajor
VAALCO filed preliminary proxy materials to call a January 2016 special meeting letting stockholders vote on a charter amendment governing director removal, its countermove against the Group 42-BLR Group's consent solicitation.
18 Nov 2015director officer appointment● Neutral
Gregory Hullinger formally ceased serving as CFO on November 9, 2015 ahead of his previously announced March 2016 retirement.
16 Nov 2015other material event▼ BadMajor
VAALCO rejected Group 42 and Bradley Radoff's consent solicitation to remove four directors as inconsistent with its charter, proposed instead to put the matter to a stockholder vote at a special meeting, and repeated an offer to add one of the group's board nominees to defuse the dispute.
16 Nov 2015other● Neutral
VAALCO filed its preliminary proxy statement for a special stockholders' meeting amid its board dispute with activist investors Group 42/BLR Partners, triggering SEC review before the meeting could proceed.
12 Nov 2015other material event▼ Bad
VAALCO publicly disputed Group 42 and Bradley Radoff's characterization of its administrative and capital spending, continuing to push back against their board takeover attempt.
10 Nov 2015investor presentation● Neutral
VAALCO published the transcript and supplemental slides from its third-quarter 2015 earnings conference call.
6 Nov 2015other material event▼ BadMajor
VAALCO confirmed that a stockholder group led by Group 42 and Bradley Radoff had launched a consent solicitation seeking to remove four sitting directors without cause, and told shareholders no action was required yet - the opening move of the board fight later settled in December 2015.
29 Oct 2015director officer appointment● NeutralMajor
VAALCO named Don McCormack as Chief Financial Officer, succeeding the retiring Gregory Hullinger - continuing the CFO succession chain.
16 Oct 2015director officer appointment● Neutral
Executive Vice President Gayla Cutrer agreed to move to part-time work ahead of a full retirement effective January 2, 2016.
6 Oct 2015listing compliance notice● Neutral
The NYSE certified the listing of VAALCO's newly adopted Preferred Stock Purchase Rights (its September 2015 shareholder rights plan).
2 Oct 2015director officer appointment● Neutral
VAALCO renewed Chairman and CEO Steven Guidry's employment agreement on largely unchanged terms.
28 Sept 2015bylaws amendment● NeutralMajor
VAALCO's board adopted a shareholder rights plan ('poison pill'), declaring one purchase right per share, creating a new class of preferred stock to back it, and amending its bylaws accordingly - a defensive package put in place as its dispute with activist investors Group 42/BLR Partners was building, later terminated in the December 2015 settlement.
28 Sept 2015securities registry admin● NeutralMajor
VAALCO's board adopted a shareholder rights plan ('poison pill') and registered the associated preferred stock purchase rights with the NYSE, a defensive measure adopted as its board dispute with activist investors Group 42/BLR Partners was intensifying.
5 Aug 2015director officer appointment▲ GoodMajor
VAALCO added independent director Steven Pully to the board and separately authorized a buyback of up to 5.8 million shares, about 10% of shares outstanding.
1 July 2015director officer appointment● NeutralMajor
VAALCO appointed Cary Bounds as Chief Operating Officer effective July 6, 2015. He had most recently run Noble Energy's Equatorial Guinea business unit, and his employment agreement ran through December 31, 2017.