Business
Fundraising Post Transaction Report
Fundraising Post Transaction Report.
About this update from Diversified Energy Company
[{"type":"text","content":"\n \n \n \n \n \n 17 February 2023\n \n \n \n \n \n \n \n \n Diversified Energy Company PLC\n \n \n \n \n (\"Diversified\" or the \"Company\")\n \n \n \n \n \n \n \n \n \n Fundraising Post Transaction Report\n \n \n \n \n \n \n \n \n In accordance with the Statement of Principles (November 2022) published by the Pre-Emption Group, Diversified Energy Company PLC (LSE: DEC), announces the following post transaction report in connection with the Company's issue of equity securities for cash other than on a pre-emptive basis, as announced on 8 February 2023.\n \n \n \n \n \n \n \n \n \n \n Name of Issuer\n \n \n \n \n \n Diversified Energy Company plc\n \n \n \n \n \n \n \n \n \n \n Transaction Details\n \n \n \n \n \n The Company issued 128,444,000 new Ordinary Shares in total (126,737,763 Placing Shares, 1,706,237 Retail Offer Shares), representing 15.2% of the Company's ordinary share capital as of 9 February 2023 and is being settled in two tranches.\n \n \n \n \n \n Settlement and admission of 84,212,278 Ordinary Shares (the \"Firm Shares\") (including 83,093,610 Placing Shares and 1,118,668 Retail Offer Shares), representing 9.99% of the Company's ordinary share capital as of 9 February 2023, completed at 8.00 am on 14 February 2023. The remaining 44,231,722 shares (the \"Conditional Shares\") are subject to shareholder approval at a General Meeting expected to be held on or around 27 February 2023. Upon approval of the resolutions for the allotment and issue of the Conditional Shares on a non-pre-emptive basis at the General Meeting, settlement and admission of the Conditional Shares is expected to take place at 8.00 am on 28 February 2023.\n \n \n \n \n \n \n \n \n \n \n Use of Proceeds\n \n \n \n \n \n The Company announced on 8 February 2023 that it had entered into a purchase agreement to acquire certain upstream assets and related infrastructure in its Central Region from Tanos Energy Holdings II LLC (\"Tanos\", and such acquisition, the \"Acquisition\"). The Acquisition is expected to close on 1 March 2023.\n \n \n \n \n \n Subject to completion, the Company will use the net proceeds from the Fundraising to partially fund the US$250million consideration (the \"Acquisition Consideration\") pursuant to the Acquisition. The remainder of the Acquisition Consideration wil...