Diversified Energy Company PLC (LSE:DEC, NYSE:DEC) today launched a tender offer, giving its shareholders the option to participate in the company’s share buy-back programme.
It comes as the company seeks to give shareholders optionality whilst it advances a capital-return strategy.
“The directors believe that the current trading price of the shares does not reflect the quality of the company's assets nor the significant opportunities for the company's long-term strategy. The directors therefore consider that the repurchase of shares is a prudent use of capital for the company and is in the best interests of the shareholders,” DEC said in a statement.
DEC intends to return a total of $42 million (£33 million) to shareholders via the dual programme, either by paying dividends or buying back stock.