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FINWIRES

Gran Tierra Advances $1.33 Billion Sale of Colombia, Ecuador Businesses

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Gran Tierra Energy (GTE) said on Wednesday it had filed a definitive proxy statement for a special shareholder meeting to vote on the proposed sale of its Colombian and Ecuadorian businesses to France's Maurel & Prom for about $1.33 billion.

The sale is being carried out under a share purchase agreement signed on Aug. 5 and remains subject to adjustments. Gran Tierra's shareholders will also vote on an advisory proposal covering transaction-related executive compensation and a proposal to adjourn the meeting, if needed, to seek additional proxies.

Gran Tierra has unanimously recommended that shareholders approve the transaction. The company said approval requires the affirmative vote of holders of a majority of the outstanding common shares entitled to vote at the meeting.

The transaction moved closer to completion this week after holders of Gran Tierra's 9.750% Senior Secured Amortizing Notes due 2031 approved proposed amendments to the notes' indenture. The approval allows a Maurel & Prom subsidiary to assume the notes upon completion of the sale and satisfies a key closing condition.

Price: $9.97, Change: $+0.18, Percent Change: +1.79%

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