CALGARY,
April 17, 2013 /CNW/ - Vermilion
Energy Inc. ("Vermilion" or the "Company") (TSX: VET) (NYSE: VET)
announces that it has adopted an additional amendment to the
Vermilion Incentive Plan (the "VIP"). The amendment is in addition
to other amendments to the VIP and other items of business to be
considered by shareholders of the Company at the annual general and
special meeting of shareholders of the Company to be held on
Wednesday, May 1, 2013 at
1:30 p.m. (Calgary time). Further information
regarding the shareholder meeting, including a description of the
other items of business to be considered at the meeting, is set
forth in Vermilion's notice of meeting and management proxy
circular dated April 2, 2013, copies
of which are available on SEDAR at www.sedar.com, on EDGAR at
www.sec.gov and on the Company's website at
www.vermilionenergy.com.
In consultation with Institutional Shareholder
Services Inc. ("ISS"), an independent proxy voting advisory and
corporate governance services firm, Vermilion's Board of Directors
has decided to amend the number of common shares reserved under the
VIP. The amendment changes the number of common shares reserved for
issuance from treasury under the VIP, from 10% of the aggregate
number of issued and outstanding common shares, to 5% of the
aggregate number of issued and outstanding common shares less any
other common shares granted under any other security based
compensation plans of Vermilion, calculated on an undiluted
basis. Vermilion believes this significant amendment coupled
with its conservative and prudent historical VIP use and strong
relative market performance, should sufficiently address noted ISS
concerns regarding the maximum level of potential shareholder value
transfer that could result under the VIP.
In conjunction with this amendment, 2,978,458
unallocated share awards will be available for future issuance
under the VIP (based on the number of issued and outstanding share
awards and common shares on March 15,
2013). At the meeting, shareholders will be asked to approve
all unallocated share awards under the VIP, as amended or
supplemented from time to time, which approval shall be effective
until May 2, 2016.
Vermilion is an oil-leveraged producer that adheres
to a value creation strategy through the execution of full cycle
exploration and production programs focused on the acquisition,
exploration, development and optimization of producing properties
in Western Canada, the broader
European region and Australia.
Vermilion's business model targets annual growth of approximately
5% together with providing reliable and growing dividends.
Vermilion is targeting annual growth in production primarily
through the exploitation of conventional resource plays in
Western Canada, including Cardium
light oil and liquids rich natural gas, the exploration and
development of high impact natural gas opportunities in
the Netherlands and through
drilling and workover programs in France and Australia. Vermilion also holds an 18.5%
working interest in the Corrib gas field in Ireland. In addition, Vermilion currently pays
a monthly dividend of Canadian $0.20
per share, which provides a current yield of approximately
5%. Management and directors of Vermilion hold approximately
8% of the outstanding shares and are dedicated to consistently
delivering superior rewards for all its stakeholders. Vermilion has
an 18 year history of consistent strong returns and market
outperformance. Vermilion trades on the Toronto Stock Exchange and the New York Stock
Exchange under the symbol VET.
SOURCE Vermilion Energy Inc.