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Houston-based Vaalco Energy Inc. (NYSE: EGY) closed its merger with Canada-based TransGlobe Energy Corp. (Nasdaq: TGA), the companies announced Oct. 14. The combined company is continuing under the Vaalco name and will trade on the New York Stock Exchange and London Stock Exchange under the ticker symbol "EGY". Vaalco said it applied to readmit its shares to trade on the LSE and expects the admission of around 120.2 million shares. The Africa-focused oil and gas exploration and production company has assets in Gabon, Egypt, Equatorial Guinea and Canada. Vaalco Energy and TransGlobe announced plans to combine in an all-stock deal valued at $307 million in July. Vaalco said it is also eyeing opportunities to enhance returns for stockholders. The company plans to implement a share buyback program of up to $30 million, or around 27 cents per share. Vaalco is targeting an annualized dividend of 25 cents per share. "There is significant inherent value within the combined portfolio, which should allow us to generate meaningful cash flow to fund increased stockholder dividends, share buybacks and potential supplemental stockholder returns at a rate that would not have been achievable by either Vaalco or TransGlobe on a standalone basis," said Vaalco […]
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