HAMILTON, Bermuda, June 13, 2018 (GLOBE NEWSWIRE) -- Teekay Tankers Ltd. (Teekay Tankers or the Company) (NYSE:TNK) announced today that at its 2018 Annual General Meeting held today, shareholders elected the seven nominated directors to Teekay Tankers’ Board of Directors for a term of one year and thereafter voted to adjourn the meeting prior to a vote on the proposal to amend the Company’s articles of incorporation.
The remainder of the Annual Meeting has been adjourned to 10:00 AM Atlantic Standard Time on Friday, June 15, 2018, at the Fairmont Hamilton Princess, 76 Pitts Bay Rd, HM08, Bermuda, Princess Victoria Room, to allow additional time for the Company’s shareholders to vote on the following proposal:
To amend Section 5.1 of Teekay Tankers’ articles of incorporation to increase the number of authorized shares of Teekay Tankers Class A common stock from 285,000,000 to 485,000,000, with a corresponding increase in the number of authorized shares of capital stock from 485,000,000 to 685,000,000.
Teekay Tankers' Board of Directors recommends that shareholders vote “FOR” this proposal. The proposed increased additional shares are intended to be used for issuance for future corporate purposes. The Board of Directors believes it is important to have sufficient authorized capital in reserve to judiciously manage the future capital requirements of the Company, including being able to respond promptly to opportunities in a recovering market without the additional expense and delay incident to obtaining shareholder approval for an amendment to the articles of incorporation at a later time. The proposed increase in authorized shares itself would not have a dilutive effect upon the proportionate voting power of the Company’s shareholders. Any subsequent issuance of the shares of Class A common stock would have a dilutive effect upon the voting power and could have a dilutive effect upon the economic interest of our existing shareholders. Such future issuances would be subject to prior approval of Teekay Tankers' Board of Directors.
During the period of the adjournment, the Company will continue to solicit proxies from its shareholders for the remaining proposal. Only shareholders of record on the record date of April 17, 2018, are entitled to and are being requested to vote. If a shareholder has previously submitted its proxy card and does not wish to change its vote, no further action is required by such shareholder.
No changes have been made in the remaining proposal to be voted on by shareholders at the adjourned meeting. The Company's proxy statement and any other materials filed by the Company with the SEC remain unchanged and can be obtained at the SEC's website at www.sec.gov.
The Company encourages all shareholders that have not yet voted, or wish to change their vote, to vote their shares by 11:59 p.m. on Thursday, June 14, 2018, Atlantic Standard Time. If you have not voted, or have mislaid your proxy materials or are uncertain if you have voted all the shares you are entitled to vote please refer to the section entitled Questions and Answers beginning on page 2 of the proxy statement and the instructions on the proxy or voting instruction card.
About Teekay Tankers
Teekay Tankers currently owns a fleet of 52 double-hull tankers, including 26 Suezmax tankers, 17 Aframax tankers, and nine Long Range 2 (LR2) product tankers, and has four Suezmax tankers related to capital leases and three contracted time charter-in vessel. Teekay Tankers’ vessels are employed through a mix of short- or medium-term fixed rate time charter contracts and spot tanker market trading. The Company also owns a Very Large Crude Carrier (VLCC) through a 50 percent-owned joint venture. In addition, Teekay Tankers owns a ship-to-ship transfer business. Teekay Tankers was formed in December 2007 by Teekay Corporation as part of its strategy to expand its conventional oil tanker business.
Teekay Tankers’ common stock trades on the New York Stock Exchange under the symbol “TNK.”
For Investor Relations
enquiries contact:
Ryan Hamilton
Tel: +1 (604) 609-2963
Website: www.teekay.com