Diversified Energy to move primary listing to New York, retain secondary LSE listing

(Sharecast News) - Diversified Energy said on Wednesday that it plans to move its primary listing to the New York Stock Exchange, while retaining a secondary listing in London. "Today, the company is substantially a US business, reporting in US dollars, with all the company's operating profit derived from its US operations, which is also the sole growth market for the business," it said.

It added that the executive management team and operational headquarters are based in the US, all of its employees reside in the US and all its assets are located in the US.

Diversified also pointed out that as of 30 June, over 65% of its outstanding shares were held by US resident investors.

"The board has been evaluating the optimal primary listing venue for the company in the context of its business strategy for the benefit of all its stakeholders," the oil and gas production company said.

"In December 2023, the company undertook an additional listing of its shares on the NYSE to complement its existing LSE listing. At this time, the board has concluded that the US market is the natural long-term primary listing venue for the company and that moving to a US primary listing, while retaining a secondary UK listing on the ESICC Category, is in the best interests of its shareholders."