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Diversified Energy Company PLC Post transaction report 2025
Post Transaction Report
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Post Transaction Report
| Name of Issuer | Diversified Energy Company PLC | | |---|---| | Name of Issuer | Diversified Energy Company PLC | | Transaction Details | The Company issued 8,500,000 new Ordinary Shares (the "Shares"), representing 16.6% of the Company's ordinary share capital as of 14 February 2025. | | | Admission of the Shares representing 16.6% of the Company's ordinary share capital as of 14 February 2024 is expected to occur at 8.00 am (London time) on 24 February 2024. | | Use of Proceeds | The directors of the Company intend to use the net proceeds from the Offering to repay a portion of the debt expected to be incurred by the Company in connection with the proposed acquisition of Maverick Natural Resources, LLC, as announced on 27 January 2025 (the "Acquisition"). In the event that the Acquisition does not close, the Company intends to use the net proceeds from the Offering to repay debt and for general corporate purposes. | | Quantum of Proceeds | Total gross proceeds from the Offering, amounted to US$123.3 million (approximately £97.9 million), approximately US$118.3 million net of expenses (approximately £93.9 million net of expenses). | | Discount | The Offering was completed at a price of US$14.50 per Share, representing a 3.4% percent discount from the NYSE closing price of US$15.01 per Share on 19 February 2025 (being the last business day prior to the pricing of the Offering). | | Allocations | Soft pre-emption has been adhered to in the allocations process, where possible. Management was involved in the allocations process, which has been carried out in compliance with the MIFID II Allocation requirements. | | Consultation | The Underwriters undertook a pre-launch wall-crossing process, including consultation with major shareholders, to the extent reasonably practicable and permitted by law. | | U.K. Retail Investors | Following discussions between the Underwriters and the Company, it was decided that a retail offer would not be included in the Offering. The Offering structure was chosen to minimise cost, time to completion and complexity. |
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