Stream Oil & Gas Ltd. says its shareholders have approved the Arrangement at a meeting of Stream shareholders. The Arrangement was approved by 98.04% of the votes cast by Stream shareholders. A total of 60.41% of the outstanding common shares of Stream were voted at the meeting.
Under the Arrangement, each common share of Stream will be exchanged for up to 0.05657 of a common share of TransAtlantic. The arrangement agreement between the companies provides that 85% of the value of each Stream common share, or 0.04812 of a common share of TransAtlantic, will be issued at closing and an additional 15% of the value of each Stream common share, or 0.00845 of a common share of TransAtlantic, will be issued if certain amendments to Stream's Albanian license agreements are received within nine months of the closing date.