Diversified Energy updates on share buyback programme

Diversified Energy Company PLC (LON:DEC) has announced details regarding the parameters of a Share Buyback Programme.

As previously approved at the Annual General Meeting, the Company has the authority to buy back the Company’s ordinary shares of 1p each. Under the Programme, the Company, at its discretion and on occasion, may (subject to applicable law) purchase its Shares in open market transactions depending on market conditions, share price, trading volume, and other factors. The purpose of the Programme is to reduce the issued share capital of the Company. The Board believes that the Programme, if and when implemented, will represent an appropriate use of the Company’s cash resources relative to its net asset value.

The Company intends to conduct the Programme concurrent with the following parameters:

•     The maximum number of Shares repurchased shall not exceed 97,410,000 Shares

•   The total consideration of Shares repurchased under the Programme shall not exceed an aggregate market value of  £97.4 million

•     The Programme will expire at the earlier date of the 30 June 2024 or the Company’s 2024 Annual General Meeting of its Shareholders

Diversified will execute the Programme on the London Stock Exchange within the limitations of the shareholder authority granted at the annual general meeting held on 2 May 2023 and within the parameters of the Market Abuse Regulation 596/2014/EU and the Commission Delegated Regulation 2016/1052/EU (in each case, as it forms part of UK law pursuant to the European Union (Withdrawal) Act 2018) and Chapter 12 of the Financial Conduct Authority’s Listing Rules. The Company will hold as treasury shares any Shares repurchased in accordance with the provisions of the Companies Act 2006 and will cancel the Shares thereafter. Diversified will make appropriate disclosures during the buyback period of the number of Shares that the Company has repurchased.

Stifel Nicolaus Europe Limited will purchase Shares under the Programme on behalf of the Company. The Company will provide instructions to buy back Shares as and when its management believes that, at the time of instruction, these repurchases will enhance earnings per Share and would be in the best interests of shareholders generally. From time to time, the Company may also provide one or more time-limited, irrevocable, non-discretionary instructions to Stifel to make trading decisions and repurchase Shares within those instructions independently of the Company. Any purchases of shares made during closed periods pursuant to the Programme shall be made independently of and uninfluenced by the Company.

Click to view all articles for the EPIC:
Or click to view the full company profile:
    Share on facebook
    Share on twitter
    Share on linkedin
    Diversified Energy Company plc

    More articles like this

    Diversified Energy Company plc

    Natural gas prices surge higher

    The front-month natural gas contract for October delivery, which expired today, finishes 4.1% higher on the day at $2.764/mmBtu, marking a fourth straight session of prices increases. The front-month now shifts to the November delivery contract, which climbed

    Diversified Energy Company plc

    Diversified Energy Company expands borrowing base

    Diversified Energy Company PLC (LON:DEC) has announced its  completion of the semi-annual borrowing base redetermination for the Company’s revolving credit facility, structured as a Sustainability-Linked Loan. The borrowing base under the facility was increased to $425 million from $375 million with 100%

    Diversified Energy Company plc

    Natural gas starts week with strong gains

    Natural gas prices rise for the third time in the past four sessions, climbing a solid 3.2% to end at $2.728/mmBtu. Reports indicating Freeport LNG began resuming normal feedgas intake flows on Friday after equipment-related disruptions early last

    Diversified Energy Company plc

    US natural gas output and demand to hit record highs in 2023

    U.S. natural gas production and demand will rise to record highs in 2023, the U.S. Energy Information Administration (EIA) said in its Short Term Energy Outlook (STEO) on Tuesday. EIA projected dry gas production will rise to 102.69

    Diversified Energy Company plc

    US LNG exports to take centre stage at G7 meeting

    U.S. House Speaker Kevin McCarthy has revealed he plans to promote U.S. natural gas exports at an upcoming G7 meeting. McCarthy will frame his agenda in the context of Europe buying more U.S. gas as a way for the continent

    Diversified Energy Company plc

    US natural gas production sets new record high

    The U.S. dominated global natural gas production until the 1980s, at which time it ceded the lead to Russia. The Middle East has also grown its natural gas production at a rapid pace over the past 50 years

    Diversified Energy Company plc

    US to remain dominant in global LNG markets

    The U.S. is already on its way to becoming the biggest LNG exporter in the world in terms of capacity. This trend is only going to accelerate in the next four years as the country leads new capacity

    Diversified Energy Company plc

    Gas plays a vital role in energy transition

    A new report argues that the gas pipeline industry will play a crucial role in the energy transition and reducing carbon emissions. While some investors, environmentalists, and political leaders have been critical of gas as a fossil fuel,

    Diversified Energy Company plc

    US setting records for natural gas consumption

    There’s a big winner in the record heat waves baking the United States, China and other countries — fossil fuels. The United States is setting records for natural gas consumption this week at the power plants that keep the nation’s

    Diversified Energy Company plc

    Natural gas: Near-term rebound likely

    CME Group’s flash data for natural gas futures markets noted traders reduced their open interest positions for yet another session on Wednesday, now by around 9.6K contracts. Volume followed suit and dropped by nearly 53K contracts, partially reversing

    No more posts to show