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Diversified Energy drops intention to list in US after shares fall

5th Oct 2023 09:12

(Alliance News) - Diversified Energy Co PLC on Thursday said it won't list its shares in the US, after their price tumbled.

The natural gas producer onshore the US said it was "unaware of any operational or company specific reason" for the share price fall.

The stock is down 18% over the past five days and 51% over the past 12 months. It was down 0.2% to 67.00 pence each on Thursday morning in London.

Diversified Energy said there has been no material change in its financial or operational condition since its updates on September 1 and 26.

Diversified Energy also updated on third-quarter production, expecting it to be in a range of 805 million to 830 million cubic feet equivalent per day. This was in line with expectations, it said, and reflects the sale of its non-operating assets in the prior quarter.

"Additionally, given the current equity market dynamics, the company is no longer pursuing its previously communicated desire to list shares in the US. The company will continue to execute share repurchases under its previously announced share repurchase program," Diversified Energy said.

Back in November 2021, Diversified Energy had said it was considering listing in the US, expecting that a dual listing could improve its access to investors and enhance share trading liquidity.

Diversified said it bought back 200,000 shares at an average price of 66.43 pence on Wednesday, as part of the GBP97.4 million share buyback programme that it announced at the end of June. The programme will run until June next year.

By Tom Budszus, Alliance News reporter

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