Diversified Energy Company PLC (LSE:DEC, NYSE:DEC) told investors it has engaged Peel Hunt giving the broker instructions to continue the company’s share buybacks.
It ensures the buyback programme continues during close periods.
DEC has bought back some 989,262 shares since the start of the programme in June 2023 and it retains shareholder authority to buy a further 3.88 million shares.
Peel Hunt has been told that the programme can not exceed an aggregate market value of £97.4 million.
“The purpose of the programme is to reduce the issued share capital of the company,” DEC said in a statement.
“The board believes that this programme will take advantage of a capital allocation opportunity as the Board is of the view that the shares are trading at a substantial discount to net asset value and is an appropriate use of the company's cash resources.”