Seplat has notified the investing public that further to the completion of its recommended cash offer for Eland, which was effected by way of court-sanctioned scheme of arrangement under Part 26 of the Companies Act 2006 on 17 December 2019, it has duly confirmed in writing to the Panel on Takeovers and Mergers.
This is in accordance with the requirements of Rule 19.6(c) of the Code that Seplat has complied with its post-offer intention statements made pursuant to Rules 2.7(c)(iv), 19.6 and 24.2 of the Code, as originally detailed in Seplat’s 2.7 announcement of 15 October 2019 and Eland’s scheme document published on 28 October 2019.
Seplat Petroleum Development Company Plc is a leading indigenous Nigerian energy company with a strategic focus on Nigeria, listed on the Main Market of the London Stock Exchange and Nigerian Stock Exchange.
Seplat is pursuing a Nigeria focused growth strategy and is well-positioned to participate in future divestment programmes by the international oil companies, farm-in opportunities and future licensing rounds.