Nanes Delorme sells shares of Vaalco after settlement of proxy contest

By Lisa Kerner

Charlotte, N.C., June 2 - Nanes Delorme Partners I LP reported the sale of 1,838,900 shares of Vaalco Energy, Inc. from May 28 through May 30 priced from $7.36 to $7.76 per share in a schedule 13D filing with the Securities and Exchange Commission.

With the sale, Nanes Delorme reduced its ownership interest in Vaalco to 4.8% from the 8% stake the investor had when it was locked in a proxy battle with the company.

On May 27, Vaalco announced it had entered into an agreement to settle the proxy contest and dismiss its lawsuit against Nanes Delorme.

Nanes Delorme, a New York-based hedge fund, agreed to stop soliciting proxies in connection with Vaalco's 2008 annual meeting, to vote its shares in support of all of Vaalco's director nominees and to abide by certain standstill provisions for a three-year period, a prior news release said.

Under the agreement, Vaalco committed to certain governance provisions and to separate the roles of president and chief financial officer.

It was also reported that Vaalco's board of directors would recommend the declassification of the board and the annual election of all directors beginning in 2010. The board will also add a new, independent director and expand the board to eight directors.

Vaalco Energy is a Houston-based independent energy company.

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