Proactive Investors - Eco Atlantic Oil & Gas Ltd (TSXV:EOG) has called its AGM, to take place on 29 December, when shareholders will be asked to vote in favour of the proposed farm-out deal with Africa Oil .
In July, Eco announced a deal to sell a 6.25% stake in Block 3B/4B offshore South Africa to Africa Oil (TSX:AOI) – closing the transaction remains subject to regulatory approval by the South African government and the Toronto stock exchange.
The Toronto authorities have now advised the company that in order to obtain approval, the companies must obtain the approval of their respective shareholders. A new resolution has therefore been added to the AGM to secure such an approval.
Eco additionally noted today that it will appoint Oliver Quinn as a non-executive director, as a representative of Africa Oil.
As well as the farm-out, Africa Oil holds a 14.84% holding in Eco. The required shareholder approval would exclude the interests held by Africa Oil.