Finance & Investing | General News | Capital Markets

EXCO Resources Regains Compliance with NYSE

Share Print Bookmark    |    Tuesday,November 03,2015

EXCO Resources, Inc. announced that on November 2, 2015, EXCO was notified by the New York Stock Exchange 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.