Group 42 and Bradley Radoff Purchase Shares of VAALCO Energy, Inc.
Group 42, Inc. filed an amended Schedule 13D disclosing the delivery of a letter to VAALCO Energy, Inc.'s Board of Directors. Previously, Group 42 formed a group with Bradley Radoff and related entities that collectively acquired approximately 11.1% of the outstanding shares of common stock of VAALCO (NYSE: EGY), or about 6.475 million shares. On September 25, 2015,
Group 42 and Radoff jointly filed a Schedule 13D with the U.S. Securities and Exchange Commission disclosing their ownership positions. Group 42 and Radoff each acquired shares in VAALCO with a belief that the company stands to benefit from numerous operational and strategic opportunities that could increase value for all shareholders. Over the last few months, Group 42 has reached out to VAALCO's management and board of directors to discuss potential strategic and operational avenues to increasing shareholder value.
On Sept. 26, 2015, the day after Group 42 and Radoff disclosed their ownership in VAALCO, the company's board of directors adopted a shareholder rights plan (a "poison pill"). The plan prevents Group 42 and Radoff from acquiring any more shares of VAALCO and limits their ability to discuss VAALCO's strategic direction with other VAALCO shareholders.
"We see great opportunity for VAALCO to utilize its resources in such a way that will build and increase shareholder value even in this uncertain market," Paul A. Bell, CEO and President of Group 42, explained.
About Group 42, Inc.:
Group 42 is a U.S.-based holding company that delivers innovative energy services to customers around the globe. Through its subsidiaries and international joint ventures, it partners with other multinational energy companies that have expertise in applying technology-oriented solutions. Group 42 operates in North America, Asia Pacific, the Arabian Gulf, West Africa and the North Sea.