Austin, Texas, Oct. 17, 2014 (GLOBE NEWSWIRE) -- FOR IMMEDIATE RELEASE
Texas Vanguard Oil Company (Pink Sheets: TVOC) announced that Wednesday, October 15, 2014, its shareholders approved the merger of Texas Vanguard Oil Company with Texas Vanguard Restructuring Company in a shareholders' meeting held for that purpose. The merger is part of a plan to liquidate the Company and distribute its assets to shareholders. In the merger, shareholders other than the majority shareholder and Chairman of the Board, Linda Watson (who owns a majority of the stock through a company controlled by her), will receive cash in exchange for their shares, and their shares will be canceled. The Company will then own the non-operated oil and gas properties, some furniture and equipment, and the remaining cash that has not been distributed to minority shareholders in the merger. The Company will then complete the liquidation of the Company after payment of final employment compensation to certain long time employees and consultants.
The merger was approved by approximately 98% of all shares which voted at the meeting and constituted approximately 86% of the total outstanding shares of the Company. The shareholder votes were as follows:
The merger became effective upon filing of the Certificate of Merger with the Secretary of State of Texas today, October 17, 2014. Upon effectiveness of the merger, all shares of the Company owned by minority shareholders - those other than shares controlled by Linda Watson, were automatically converted into the right to receive cash in the amount of $13.11 per share (the "Conversion Price") of the Company's common stock. The Company's transfer agent, Computershare, Inc., will distribute letters of transmittal to shareholders instructing them how to receive payment for their shares.
Source:Texas Vanguard Oil Company