Diversified posted notice of a general meeting and form of proxy to shareholders at 1 p.m. GMT on Dec. 4. (Source: Shutterstock)
Diversified Energy Co. is seeking an additional listing of the company’s ordinary shares on the New York Stock Exchange (NYSE), according to a Nov. 16press release.
No new ordinary shares are being offered or sold and no change will be made to the company’s total issued share capital, in connection with the U.S. listing.
This decision follows Diversified’s Oct. 5 announcement that it was no longer pursuing its desire to list its ordinary shares in the U.S. given the equity market dynamics, the company said.
After considering feedback from advisers and institutional investors on alternative paths forward that wouldn’t incorporate a capital raise to achieve a U.S. Listing, the company pursued a direct listing of its ordinary shares on the NYSE.
In the release, the board said that the U.S. listing, in the near-term, will be beneficial for Diversified and its shareholders for multiple reasons, including raising the group’s profile in the U.S., broadening the company’s access to “high quality” equity investors, increasing the ability to attract a broad group of equity analysts and enhance their daily trading liquidity for additional financing options.
The company will continue to be traded on the London Stock Exchange.
The statement added that Diversified posted notice of a general meeting and form of proxy to shareholders at 1 p.m. GMT on Dec. 4.
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