GeoPark Adopts Limited-Duration Shareholder Rights Plan
The Company’s Board, in consultation with its advisors, adopted the Rights Plan to protect value for
The Rights Plan is similar to plans adopted by other publicly traded companies and is intended to protect the long-term interests of GeoPark’s shareholders and maximize the value of their investment.
The Rights Plan is designed to reduce the likelihood that any shareholder gains undue influence or control of the Company through open market accumulation, without paying all shareholders an appropriate control premium or without providing the Board sufficient time to make informed judgments and take actions that are in the best interest of the Company and all of its shareholders.
Key Terms of the Rights Plan
Under the Rights Plan, the rights will become exercisable if an entity, person or group acquires beneficial ownership of 12% or more of GeoPark’s outstanding common shares (including derivatives) in a transaction not approved by the Board.
In the event that the rights become exercisable due to the triggering ownership threshold being crossed, each right will entitle its holder (other than the person, entity or group triggering the Rights Plan, whose rights will become void and will not be exercisable) to purchase, at the then-current exercise price, additional common shares having a then-current market value of twice the exercise price of the right.
Additional Information
NOTICE
Additional information about
CAUTIONARY STATEMENTS RELEVANT TO FORWARD-LOOKING INFORMATION
This press release contains statements that constitute forward-looking statements. Many of the forward-looking statements contained in this press release can be identified by the use of forward-looking words such as ‘‘anticipate,’’ ‘‘believe’’, ‘‘could,’’ ‘‘expect,’’ ‘‘should,’’ ‘‘plan,’’ ‘‘intend,’’ ‘‘will,’’ ‘‘estimate’’ and ‘‘potential,’’ among others.
Forward-looking statements that appear in a number of places in this press release include, but are not limited to, statements regarding the intent, belief or current expectations, regarding various matters including the intended benefits of the Company’s Rights Plan. Forward-looking statements are based on management’s beliefs and assumptions, and on information currently available to the management. Such statements are subject to risks and uncertainties, and actual results may differ materially from those expressed or implied in the forward-looking statements due to various factors.
Forward-looking statements speak only as of the date they are made, and the Company does not undertake any obligation to update them in light of new information or future developments or to release publicly any revisions to these statements in order to reflect later events or circumstances or to reflect the occurrence of unanticipated events. For a discussion of the risks facing the Company which could affect whether these forward-looking statements are realized, see the Company’s filings with the
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For further information, please contact:
INVESTOR RELATIONS:
Shareholder Value and Capital Markets Director
mescobar@geo-park.com
Investor Relations Officer
mbello@geo-park.com
Investor Relations Leader
mvelez@geo-park.com
MEDIA:
communications@geo-park.com
FGS Global
GeoPark@fgsglobal.com
Source:
