Encana Corporation primarily based in Calgary, introduced its intention to determine company domicile within the United States. Encana has picked Denver as its company headquarters. The transfer, which requires shareholder, inventory trade and courtroom approval, is anticipated to happen in early 2020. As a part of this course of, the brand new firm will rebrand underneath the identify Ovintiv Inc.
“We are enthusiastic about our strategic transformation. Our Company is positioned to compete within the broader markets and lead the E&P on the highway forward,” stated CEO Doug Suttles. “Over the final five-plus years, we now have reworked our portfolio and our tradition. We’ve created a top quality, liquids targeted multi-basin portfolio. Our deal with innovation and effectivity is persistently delivering superior monetary and operational efficiency. A domicile within the United States will expose our Company to more and more bigger swimming pools of funding in U.S. index funds and passively managed accounts, in addition to higher align us with our U.S. friends. The change in company domicile won’t change how we run our day-to-day actions. However, our actions present that we’ll go away no stone unturned to seize the worth we deeply consider exists inside our fairness.”
Ovintiv shall be uniquely positioned to be a pacesetter within the E&P , which is on the cusp of transformation immediately. The Company is producing important free money movement, returning money to its shareholders and producing industry-competitive liquids progress from its multi-basin portfolio of belongings. It is that this distinctive mixture that the Company believes will in the end be differentiated by the market.
In coordination with the change in company domicile, a consolidation and share trade shall be accomplished for successfully one share of frequent inventory of Ovintiv for each 5 frequent shares of Encana. A preliminary proxy assertion/prospectus is anticipated to be filed with the U.S. Securities and Exchange Commission and Canadian securities regulatory authorities in early November. Following completion of the company redomicile and the adoption of its new identify, the brand new firm will start buying and selling on each the New York and Toronto inventory exchanges underneath the ticker image “OVV.”
(Source and picture: Encana/Encana North America’s belongings)
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