Share Buyback Programme

RNS Number : 4658X

Diversified Gas & Oil PLC

30 April 2019

 

30 April 2019

DIVERSIFIED GAS & OIL PLC

("DGO" or the "Company")

Share Buyback Programme

Diversified Gas & Oil plc (AIM: DGO), the US based owner and operator of natural gas, natural gas liquids and oil wells as well as midstream assets, announces that the Board has approved the terms of a share buyback programme (the "Programme") to buy back the Company's ordinary shares of 1 pence each (the "Shares") with an aggregate market value of up to $68.2 million. The Company intends to conduct the Programme over the next 12 months.  However, the Board will keep the form and quantum of the Programme under review while allowing the Company to maintain its current dividend policy. 

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.

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. The Company will execute the Programme within the limitations of the shareholder authority granted at the annual general meeting held on 17 April 2019 and within the parameters of the Market Abuse Regulation 596/2014/EU and the Commission Delegated Regulation 2016/1052/EU.  DGO will hold as treasury shares any Shares repurchased in accordance with the provisions of the Companies Act 2006 and will cancel the Shares thereafter.

Stifel Nicolaus Europe Limited will 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.

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 [e-mail]	+ 1 [phone]
Cenkos Securities plc (Nominated Adviser) Russell Cook Katy Birkin Ben Jeynes	[phone]
Mirabaud Securities Limited (Joint Broker) Peter Krens Edward Haig-Thomas	[phone]
Stifel Nicolaus Europe Limited (Joint Broker) Callum Stewart Nicholas Rhodes Ashton Clanfield	[phone]
Buchanan (Financial Public Relations) Ben Romney Chris Judd James Husband [e-mail]	[phone]

 

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