Diversified Energy Company PLC (LSE:DEC, OTCQX:DECPF) told investors it will launch a share buyback programme to benefit from the weakness in the British pound.
The London-listed firm with oil and gas production in the United States said it believes the current volatility and general weakness of the stock market combined with the strength of the US dollar versus the pound creates an opportunity to create value for shareholders.
"The board believes that the programme, if and when implemented, will represent an appropriate use of the company's cash resources relative to its net asset value,” it said in a statement.
DEC noted that its buyback programme will seek to reduce its share capital by up to 10%.
The shares will be bought in the market via the company’s broker Stifel Nicolaus.