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Diversified Energy Announces Details of Share...
Diversified Energy Announces Details of Share....
About this update from Diversified Energy Company
[{"type":"text","content":"\n\n \n \n\n Diversified Energy Announces Details of Share Buyback Program\n\nBIRMINGHAM, Ala., March 20, 2025 (GLOBE NEWSWIRE) -- Diversified Energy Company PLC (LSE: DEC) (NYSE: DEC) announces details regarding the parameters of a Share Buyback Program (the \"Program\"). As previously approved at the 2024 Annual General Meeting held on May 10, 2024 (the “2024 AGM”), the Company has the authority to buy back the Company's ordinary shares of 20p each (the \"Shares\"). Under the Program, 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 Company intends to conduct the Program concurrent with the following parameters: The maximum number of Shares repurchased shall not exceed 4,756,842 SharesThe total consideration of Shares repurchased under the Program shall not exceed an aggregate market value of £52.3 million.The Program will expire at the earlier date of the 30 June 2026 or the Company's 2026 Annual General Meeting of its Shareholders. The purpose of the Program is to reduce the issued share capital of the Company. The Board believes that this Program will take advantage of a capital allocation opportunity as the Board is of the view that the shares are trading at a substantial discount to net asset value and is an appropriate use of the Company's cash resources. Diversified will execute the Program on the London Stock Exchange within the limitations of the shareholder authority granted at the 2024 AGM and the 2025 AGM (if approved) 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 9 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. To facilitate the Program, Diversified has entered into an engagement with Peel Hunt LLP (“Peel Hunt”) pursuant to an engagement letter under which the Company has issued an...