Teekay Tankers Announces Election of Directors and Adjournment of Annual General Meeting for Remaining Proposal
June 13 2018 - 6:55PM
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 HamiltonTel: +1 (604) 609-2963Website:
www.teekay.com
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