Encana Corp. on Dec. 11 filed documents with the U.S. Securities and Exchange Commission and Canadian securities regulatory authorities to go forward with its plan to move its headquarters to the U.S. in early 2020.
The corporation will hold a special meeting of security holders on Jan. 14, 2020, during which the holders will vote on Encana's reorganization resolution to exit Canada, rebrand as Ovintiv Inc. and complete a consolidation and share exchange for effectively one Ovintiv common share for every five Encana common shares, according to a news release.
Encana shareholders and incentive award holders as of Dec. 9 are entitled to vote at the special meeting. The reorganization resolution needs to garner at least two-thirds of approval votes.
Encana announced its plan to move its headquarters and change its name to Ovintiv on Oct. 31, amid an ongoing shift by Canadian companies and investors to more attractive regulatory and financial regimes in the U.S. In justifying the move, the company said it would become more exposed to larger pools of investment, and that most of its assets, people and production are already located in the U.S.