Further to the announcements on January 27, 2025 and February 20, 2025, Diversified Energy Company Plc (LON:DEC; NYSE: DEC)), an independent energy company focused on natural gas and liquids production, transportation, marketing and well retirement, today announces the completion of its previously announced acquisition of Maverick Natural Resources.
Issue of shares
In connection with the Acquisition and following the overwhelming approving by the shareholders of the Company at the general meeting on March 10, 2025, the Company has allotted and issued 21,194,213 new ordinary shares in the capital of the Company. The Consideration Shares will be listed on the New York Stock Exchange and will rank pari passu in all respects with Diversified’s existing ordinary shares of £0.20 nominal value each.
Applications have been made to (i) the Financial Conduct Authority for admission of the Consideration Shares to listing on the equity shares (commercial companies) category of the Official List; and (ii) London Stock Exchange plc for admission of the Consideration Shares to trading on its main market for listed securities. It is expected that Admission will occur at 8.00 a.m. (London time) on 17 March 2025.
Governance and Leadership
Following the closing of the Acquisition, Rick Gideon, Chief Executive Officer (CEO) of Maverick Natural Resources will become the Chief Operating Officer (COO) of the Company effective March 18th, 2025.
Other than as set out above, there has been no material change affecting any matter relating to the Acquisition contained in the announcements released by Diversified on January 27, 2025 and February 20, 2025.
Total voting rights
For the purposes of the Financial Conduct Authority’s Disclosure Guidance and Transparency Rules, the total number of ordinary shares of £0.20 each in the capital of the Company in issue as at March 14, 2025 is 80,990,155 with each ordinary share carrying the right to one vote. There are no ordinary shares held in treasury and therefore the total number of voting rights as at in the Company as at March 14, 2025 is 80,990,155.
The above figure may be used by shareholders in the Company as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change to their interest in, the share capital of the Company under the Financial Conduct Authority’s Disclosure Guidance and Transparency Rules.
Citi served as financial and transaction advisor to Diversified. KeyBanc Capital Markets, Truist and Stifel served as additional advisors to Diversified. Gibson, Dunn & Crutcher LLP and Latham & Watkins (London) LLP served as legal advisor to Diversified Energy on the Acquisition. Jefferies Securities served as financial advisor and Kirkland & Ellis LLP is serving as legal advisor to Maverick and EIG.
