This strategic acquisition marks a significant milestone in Summit's growth strategy, rebalancing its portfolio to approximately 50% natural gas-oriented drilling activities and increasing scale in a credit and value accretive manner. Pro forma for the transaction, SMC's total leverage ratio, as of 30 September 2024, is approximately 3.8x.
On 29 November 2024, SMC held a virtual special meeting of its stockholders via live audio webcast to vote on the proposed equity to be issued for the acquisition.
Approximately 76.7% of the shares of common stock entitled to vote as of the record date for the Special Meeting were represented in person or by proxy at the Special Meeting, and approximately 99.8% of the total votes cast were in favour of the proposal.
