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Bradley Radoff (and related entities) and Group 42, Inc., who together are the beneficial owners of approximately 11.1% of the outstanding shares of Common Stock of VAALCO Energy, Inc. ("VAALCO" or the "Company")
EGY, today delivered a letter to the Board of Directors of VAALCO setting forth their concerns regarding, among other things, the Company's corporate governance, particularly the Board's recent adoption of a poison pill, bloated G&A expenses, poor capital allocation, poor decision making with respect to capital expenditures and the renewal of the CEO's employment contract. The full text of the letter is included below:
October 5, 2015
The Board of DirectorsVAALCO Energy, Inc.9800 Richmond Ave., Suite 700Houston, TX 77042
Board members:
As you know, Bradley Radoff (and related entities) and Group 42, Inc. (together the "Group") collectively own 11.1% of the outstanding common stock of VAALCO Energy (the "Company") in comparison to 1.9% of the Company's outstanding common stock owned by the senior executive officers and you.
Under your
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