Encana Shareholders Approve Move, Name Change
Shareholders in Encana, once Canada’s largest natural gas producer, approved January 14 the move of the company’s domicile to the US and a change in its name to Ovintiv.
“We are extremely pleased with the vote of confidence from our shareholders today,” Encana CEO Doug Suttles said. “With 90% of our securityholders voting for the resolution, there is clearly support for our efforts to expose Ovintiv to the deeper pools of capital in the US – capturing the value we know exists within our equity.”
Shareholders also approved a consolidation and share exchange, effectively receiving one Ovintiv common share for every five Encana common shares. The company’s new headquarters will be in Denver, where Suttles has resided for the last two years.
Completion of the reorganisation remains subject to final approval of the plan of arrangement by the Court of Queen’s Bench of Alberta.