4 July 2022
Diversified Energy Company PLC
("Diversified," or the "Company")
Cancellation and Exercise of Warrants and
Vesting of Restricted Stock Units and PDMR Share Dealings
Diversified Energy Company PLC (LSE: DEC), announces the exercise and settlement of certain warrants and the vesting of Restricted Stock Units ("RSUs") previously awarded to a senior member of its management team.
Cancellation and Exercise of Warrants
Diversified entered into an agreement to cancel 131,628 warrants held by a former Mirabaud Securities Limited ("Mirabaud") employee for an aggregate principal amount of approximately £46,465 (equivalent USD of approximately $56,435(a)). The former Mirabaud employee will surrender the warrants to Diversified for cancellation.
Diversified will also issue 223,526 ordinary shares as other former Mirabaud employees exercise warrants at £0.75 per share. The Company will apply to admit these new ordinary to trading on the London Stock Exchange, which the Company expects to occur on 8 July 2022. Following this exercise and settlement, no warrants remain outstanding. This notification complies with LR 12.5.2R in relation to the cancellation of the Warrants
Vesting of Restricted Stock Units and PDMR Share Dealings
Diversified announces the vesting of 125,000 Restricted Stock Units ("RSUs") it previously issued under its equity incentive plan to Benjamin Sullivan, Executive Vice President, General Counsel and Corporate Secretary. To settle the award, the Company will transfer of 67,687 ordinary shares of £0.01 each (net of withholding tax) currently from its recently established Employee Benefit Trust (the "EBT")(b). As disclosed in the Company's 2021 Annual Report, Diversified established the trust to eliminate dilution from vesting events under the Group's share based incentive plans.
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Following this vesting, Mr. Sullivan holds 240,557 shares in the Company, representing 0.03% of the Company's issued share capital.
Total Voting Rights
Including the new shares, the Company has 850,961,129 Ordinary Shares in issue and holds no Ordinary Shares in treasury. Shareholders may use the 850,961,129 as the denominator in calculations to determine if they must notify the Company of their interest in, or a change to their invested interest under the Financial Conduct Authority's Disclosure Guidance and Transparency Rules.
Footnotes:
(a) Currency conversion performed using an exchange rate of GBP:USD 1:1.21458
(b) Diversified's Employee Benefit Trust is operated by a third party entity.
For further information, please contact:
| Diversified Energy Company PLC | +1 205 408 0909 |
| Wren Smith | |
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| FTI Consulting | |
| US & UK Financial Public Relations |
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About Diversified Energy Company PLC
Diversified Energy Company PLC is an independent energy company engaged in the production, marketing and transportation of primarily natural gas related to its synergistic US onshore upstream and midstream assets.
NOTIFICATION AND PUBLIC DISCLOSURE OF TRANSACTIONS BY PERSONS DISCHARGING MANAGERIAL RESPONSIBILITIES AND PERSONS CLOSELY ASSOCIATED WITH THEM
| 1 | Details of the person discharging managerial responsibilities / person closely associated | ||
| a) | Name | Benjamin Sullivan | |
| 2 | Reason for the notification | ||
| a) | Position/status | Executive Vice President, General Counsel and Corporate Secretary | |
| b) | Initial notification/Amendment | Initial notification | |
| 3 | Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor | ||
| a) | Name | Diversified Energy Company PLC | |
| b) | LEI | 213800YR9TFRVHPGOS67 | |
| 4 | Details of the transaction(s): section to be repeated for (i) each type of instrument; (ii) each type of transaction; (iii) each date; and (iv) each place where transactions have been conducted | ||
| a) | Description of the financial instrument, type of instrument | Bonus award of restricted stock units constituting a right to acquire Ordinary Shares of 1p each | |
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| Identification code | GB00BYX7JT74 | |
| b) | Nature of the transaction | Vesting of restricted stock units under the Company's equity incentive plan | |
| c) | Price(s) and volumes(s) | Price(s) | Volume(s) |
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| £Nil | 67,687 |
| d) | Aggregated information | N/A single transaction | |
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| Aggregated volume | N/A single transaction | |
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| Price | N/A single transaction | |
| e) | Date of the transaction | 1 July 2022 | |
| f) | Place of the transaction | Outside a trading venue (XOFF) | |
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