| Add to balance / Manage account | User: | Log out |
| Prospect News home > News index > List of issuers V > Headlines for Vaalco Energy, Inc. > News item |
Vaalco once again pushes shareholders to reject hedge fund nominees on June 4
By Lisa Kerner
Charlotte, N.C., May 19 - For the second time in less than a week, Vaalco Energy, Inc. sent a letter asking shareholders to vote for its director nominees, William S. Farish, Arne R. Nielsen and W. Russell Scheirman, at the annual meeting on June 4 and to reject a slate proposed by Nanes Delorme Partners I LP and its affiliate Pilatus Energy SA.
"Given Nanes Delorme Partners' and Pilatus Energy's serious conflicts of interest, we believe allowing them to install even one of their paid representatives onto the Vaalco board would be detrimental to the company and stockholder value," Vaalco chairman and chief executive officer Robert L. Gerry III said in a company news release.
"Unlike Nanes Delorme Partners, our board's interests are aligned with all Vaalco stockholders," Gerry added.
According to Gerry's letter to stockholders, Nanes Delorme Partners is "a self proclaimed hedge fund and broker that represents competitors to Vaalco in its core West African areas of operation."
Pilatus Energy is an active purchaser of oil and gas assets in West Africa, also competitive with Vaalco, Gerry said.
Gerry asked shareholders to consider why Nanes Delorme Partners is set on a quick sale or a break-up of Vaalco rather than allowing stockholders to realize a return on the capital investments that have been made.
In a prior letter, Gerry said Nanes Delorme Partners has a history of brokering the sale of oil and gas assets.
Nanes Delorme Partners only recently purchased its Vaalco shares, with the majority of them purchased by Pilatus, whose head was convicted and sentenced by a French court for fraud, embezzlement, bribery and kickbacks, according to Gerry.
Vaalco Energy is a Houston-based independent energy company.
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.