HOUSTON, Dec. 21, 2018 (GLOBE NEWSWIRE) — Amplify Energy Corp. (OTCQX: AMPY) (“Amplify” or the “Company”) announced today the final results of its tender offer to purchase for cash up to 2,916,667 shares of its common stock (the “shares”) at a price of $12.00 per share, which expired at 11:59 p.m., New York City time, on Tuesday, December 18, 2018.
Amplify has accepted for purchase 2,916,667 shares of its common stock at a purchase price of $12.00 per share, for an aggregate purchase price of approximately $35.0 million, excluding fees and expenses relating to the offer.
Based on the final tabulation by American Stock Transfer & Trust Company, LLC, the depositary for the tender offer, approximately 22.1 million shares of the common stock were properly tendered and neither withdrawn nor tendered conditionally by stockholders with conditions that were not met. Amplify has been informed by the depositary that the final proration factor for the tender offer is approximately 13.2%. The shares acquired represented approximately 12% of the Company’s outstanding shares as of November 16, 2018.
The depositary will promptly issue payment for the shares validly tendered and accepted for purchase and will return all other shares tendered.
D. F. King & Co., Inc. acted as the information agent for the tender offer. Citigroup Global Markets Inc. acted as the dealer manager for the tender offer. American Stock Transfer & Trust Company, LLC is the depositary for the tender offer.
Share Buyback Program
In addition, following the expiration of the tender offer, Amplify’s board of directors authorized a share repurchase program of up to $25 million of Amplify’s outstanding shares of common stock, with repurchases to begin on or after January 9, 2019. The program is intended to advance Amplify’s commitment to enhance shareholder value and return capital to its shareholders.
Amplify may, in the future, decide to purchase additional shares in the open market subject to market conditions and private transactions, tender offers or otherwise subject to applicable law. Any such purchases may be on the same terms as, or on terms that are more or less favorable to stockholders than, the terms of the offer. Whether Amplify makes additional repurchases in the future will depend on many factors, including but not limited to its business and financial performance, the business and market conditions at the time, including the price of the shares, and other factors Amplify considers relevant.