Court ap­proves Seplat’s ac­qui­si­tion of Eland Oil

The Punch - - CAPITAL MARKET -

SEPLAT Petroleum De­vel­op­ment Com­pany Plc has an­nounced the ap­proval of the court on its ac­qui­si­tion of eland Oil Plc.

In a no­tice filed at the Nige­rian Stock Ex­change on Tues­day, Seplat said the boards of Seplat and Eland had an­nounced that they had reached agree­ment on the terms of a rec­om­mended cash ac­qui­si­tion by Seplat of the en­tire is­sued and to be is­sued or­di­nary share cap­i­tal of Eland.

It said the ac­qui­si­tion was to be im­ple­mented by way of a court-sanc­tioned scheme of ar­range­ment un­der Part 26 of the Com­pa­nies Act 2006.

Ac­cord­ing to the no­tice, a scheme doc­u­ment was posted to Eland share­hold­ers on Oc­to­ber 28, 2019, set­ting out the terms of the ac­qui­si­tion.

Seplat said on De­cem­ber 12, 2019, the court sanc­tioned the scheme.

The no­tice read in part, “Eland and Seplat are pleased to an­nounce that the court or­der sanc­tion­ing the scheme has to­day been de­liv­ered to the Reg­is­trar of Com­pa­nies.

“Ac­cord­ingly, the scheme has now be­come ef­fec­tive and the en­tire is­sued and to be is­sued or­di­nary share cap­i­tal of Eland is wholly owned by Seplat.

The Chief ex­ec­u­tive Of­fi­cer, Seplat, Austin Avuru, said the com­pany was de­lighted to have suc­cess­fully com­pleted the ac­qui­si­tion of Eland, which fur­ther en­hanced its foot­print in Nige­ria and pro­vided op­por­tu­ni­ties for en­hanced scale, di­ver­si­fi­ca­tion and growth.

He said, “Ad­mis­sion to trad­ing of the Eland shares on AIM will be can­celled with ef­fect from 7.00 am. on De­cem­ber 18, 2019.

“As a re­sult of the scheme be­com­ing ef­fec­tive, share cer­tifi­cates in re­spect of eland Shares have ceased to be valid and of value and en­ti­tle­ments to Eland Shares held in un­cer­tifi­cated form in CREST will be can­celled.”

Avuru stated that the set­tle­ment scheme share­hold­ers on the regis­ter at the scheme record time, be­ing 6.00 pm. on De­cem­ber 16, 2019, would re­ceive 166 pence in cash for each scheme share.

He added that the con­sid­er­a­tion due to the scheme share­hold­ers would be sent no later than De­cem­ber 31, 2019.

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