Share Buyback Programme

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 (ii) 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

Rusty Hutson Jr., Chief Executive Officer

Brad Gray, Chief Operating Officer & Finance Director

Eric Williams, Chief Financial Officer

www.dgoc.com

ir@dgoc.com

 

 

+ 1 (205) 408 0909

 

Cenkos Securities plc

(Nominated Adviser)

Russell Cook

Katy Birkin

Ben Jeynes

 

 

+44 (0)20 7397 8900

 

Mirabaud Securities Limited

(Joint Broker)

Peter Krens

Edward Haig-Thomas

 

 

+44 (0)20 3167 7221

 

Stifel Nicolaus Europe Limited

(Joint Broker)

Callum Stewart

Nicholas Rhodes

Jason Grossman

Ashton Clanfield

 

 

+44 (0)20 7710 7600

Buchanan

(Financial Public Relations)

Ben Romney

Chris Judd

James Husband

dgo@buchanan.uk.com

+44 (0)20 7466 5000



 


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