Encana Corp. has received securityholder approval to be rebranded as Ovintiv and become domiciled in the US.
The company, once a Calgary oil and gas industry anchor, adopted a “headquarters-less model” in 2018. In October 2019, the company reported plans to establish its corporate domicile in the US and change its name to Ovintiv Inc. to expose the company “to increasingly larger pools of investment in US index funds and passively managed accounts, as well as better align us with our US peers,” Chief Executive Officer Doug Suttles said at the time.
At a special meeting of securityholders held Jan. 14, securityholders voted in support of the reorganization resolution in order to establish the company's corporate domicile in the US, rebrand as Ovintiv Inc., and complete a consolidation and share exchange for effectively one share of common stock of Ovintiv for every five common shares of Encana.
Completion of the reorganization is still subject to other conditions, including final approval by the Court of Queen's Bench of Alberta.
