EXCO Resources, Inc. (NYSE:XCO) (“EXCO” or the “Company”) today
announced that on November 2, 2015, EXCO was notified by the New York
Stock Exchange (“NYSE”) that the Company has regained compliance with
the NYSE’s continued listing standards because the price of the
Company’s common shares was above $1.00 per share both on the last
trading day of October and for the average share price over the 30
trading days preceding October 30, 2015.
As previously announced on September 23, 2015, EXCO has called a special
meeting of Shareholders for November 16, 2015 for its shareholders to
consider, among other things, a proposal to grant the Board of Directors
authority to effect a reverse share split and proportionally reduce the
total number of outstanding common shares that are authorized for
issuance. The proposal, if approved by the shareholders, would authorize
the Board of Directors to effect a reverse share split at a ratio of up
to 1-for-10 common shares, with the decision, timing and exact ratio of
the reverse share split to be determined by the Board of Directors in
its sole discretion. The proposed reverse share split would affect all
shareholders uniformly and would not affect any shareholder's ownership
percentage.
EXCO’s Board continues to recommend that shareholders vote “FOR” the
proposals to be acted upon at the special meeting.
If approved by shareholders, the Board of Directors would make a
determination as to whether effecting the reverse share split and the
authorized share reduction is in the best interests of the Company and
its shareholders. In making its determination, the Board of Directors
would consider, among other things:
-
whether effecting the reverse share split is necessary or desirable to
maintain the listing of the common shares on the NYSE at that time and
in the future;
-
the per share price of the common shares immediately prior to the
reverse share split;
-
the expected stability of the per share price of the common shares
with or without a reverse share split;
-
the likelihood that the reverse share split will result in increased
marketability and liquidity of the common shares;
-
prevailing market conditions; and
-
general economic conditions in the oil and gas industry.
The Board of Directors may elect to defer any decision on whether or not
to effect a reverse share split. Shareholders are encouraged to read the
definitive proxy materials in their entirety as they provide a detailed
discussion of the proposals.
Shareholders who have questions about the special meeting, or who need
assistance in submitting their proxies or voting their shares, should
contact EXCO’s proxy solicitor, D.F. King & Co., Inc., toll-free at
(866) 745-0270.
About EXCO
EXCO Resources, Inc. is an oil and natural gas exploration,
exploitation, acquisition, development and production company
headquartered in Dallas, Texas with principal operations in Texas, North
Louisiana and Appalachia.
Additional information about EXCO Resources, Inc. may be obtained by
contacting Chris Peracchi, EXCO’s Vice President of Finance and Investor
Relations, and Treasurer, at EXCO’s headquarters, 12377 Merit Drive,
Suite 1700, Dallas, TX 75251, telephone number (214) 368-2084, or by
visiting EXCO’s website at www.excoresources.com.
EXCO’s SEC filings and press releases can be found under the Investor
Relations tab.
Forward-Looking Statements
This release may contain forward-looking statements relating to future
financial results, business expectations and business transactions.
Actual results may differ materially from those predicted as a result of
factors over which EXCO has no control. Such factors include, but are
not limited to: the continued listing of EXCO’s common shares on the
NYSE, the trading price of EXCO’s common shares on the NYSE, continued
volatility in the oil and gas markets, the estimates of reserves,
commodity price changes, regulatory changes and general economic
conditions. These risk factors are included in EXCO’s reports on file
with the SEC. Except as required by applicable law, EXCO undertakes no
obligation to publicly update or revise any forward-looking statements.
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