RNS Number : 9859C
Diversified Gas & Oil PLC
14 February 2020
14 February 2020
DIVERSIFIED GAS & OIL PLC ("DGO" or the "Company")
Share Buyback Programme Update
Diversified Gas & Oil plc (AIM: DGO), the US based owner and operator of natural gas, natural gas liquids, oil wells and midstream assets, announced the terms of a share buyback programme (the "Programme") on 30 April 2019 to buy back the Company's ordinary shares of 1 pence each (the "Shares").
To date the Company has purchased 45,997,110 Shares through the Programme.
Under the Programme, the Company, at its discretion, may purchase its Shares in open market transactions from time to time depending on market conditions, share price, trading volume and other factors. With regard to the net asset value of the Company, the Board believes that the Programme, if and when implemented, will represent an appropriate use of excess cash resources.
As previously announced, the Programme is intended to reduce the share capital of the Company and limits the maximum number of Shares DGO can buyback to 54,265,394 under the shareholder authority granted at the annual general meeting held on 17 April 2019. The Company may therefore purchase up to a further 8,268,284 Shares under this authority.
Notwithstanding the average daily volume restrictions set out in Article 3(3) (b) of the Commission Delegated Regulation (EU) 2016/1052, the Company is permitted to make purchases in excess of these volume restrictions, subject to prevailing market conditions and liquidity.
The maximum price per share (exclusive of expenses) which may be paid by the Company under the existing authority shall be not more than the higher of (i) 5 per cent above the average of the middle market quotations for an ordinary share, as derived from the London Stock Exchange Daily Official List, for the five business days immediately before the day on which the purchase is made; and
- the price of the last independent purchase bid at the time on the trading venue where the purchase is carried out. Stifel Nicolaus Europe Limited will continue to purchase Shares under the Programme on behalf of the Company. This announcement contains inside information for the purposes of Article 7 of EU Regulation 596/2014.
Enquiries | |
Diversified Gas & Oil PLC | + 1 (205) 408 0909 |
Rusty Hutson Jr., Chief Executive Officer | |
Brad Gray, Chief Operating Officer & Finance Director | |
Eric Williams, Chief Financial Officer | |
www.dgoc.com | |
ir@dgoc.com | |
Cenkos Securities plc | +44 (0)20 7397 8900 |
(Nominated Adviser) | |
Russell Cook | |
Katy Birkin | |
Ben Jeynes | |
Mirabaud Securities Limited | +44 (0)20 3167 7221 |
(Joint Broker) | |
Peter Krens | |
Edward Haig-Thomas | |
Stifel Nicolaus Europe Limited | +44 (0)20 7710 7600 |
(Joint Broker) | |
Callum Stewart | |
Nicholas Rhodes | |
Jason Grossman | |
Ashton Clanfield | |
Buchanan | +44 (0)20 7466 5000 |
(Financial Public Relations) | |
Ben Romney |
Chris Judd
James Husband
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dgo@buchanan.uk.com
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Diversified Gas & Oil plc published this content on 14 February 2020 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 14 February 2020 08:48:10 UTC