Avuru share transfer to PSL resulted in no change in beneficial ownership

SEPLAT Petroleum Development Company Plc notified the Nigerian Stock Exchange (NSE) on Thursday September 5, 2019 that it received notification on September 3, 2019 of a transfer of 904,717 ordinary shares held directly by Austin Avuru, the Chief Executive Officer (CEO) of the Company, to Professional Support Limited (PSL), an entity wholly controlled by Avuru.

The above transaction has not resulted in a change in beneficial ownership, which remains at 12.19percent (Professional Support holds 31,068,211 shares (5.28percent) and Platform Petroleum holds 40,659,695 shares (6.91percent), based on the Issued Share Capital of 588,444,561).

Avuru now holds nil direct interest and an indirect interest of 71,727,906 ordinary shares of N0.50k each of the Company.

Further details of the transaction were set out in an attached notification and public disclosure of transactions by Persons Discharging Managerial Responsibilities (PDMR) and Persons Closely Associated (PCA) with them.

This notification is made in accordance with Rule 12 of the Amendments to the Listing Rules of the Nigerian Stock Exchange and Article 19 of the EU Market Abuse Regulations.

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Iheanyi Nwachukwu

Iheanyi Nwachukwu, is a creative content writer with almost two decades journalism experience writing on banking, finance, capital markets, and tax. The multiple awards winning journalist is Assistant Editor, BusinessDay. Iheanyi holds BSc Degree in Economics from Imo State University; Master of Science (MSc) Degree in Management from University of Lagos. Iheanyi has attended several work-related trainings including (i) Advanced Writing and Reporting Skills (Pan African University, Lagos); (ii) News Agency Journalism (Indian Institute of Mass Communication {IIMC}, New Delhi, India); and (iii) Capital Markets Development and Regulations (International Law Institute {ILI} of Georgetown University, Washington DC, USA). Other trainings Iheanyi attended include: Economic/Political Risk Analysis (By Thomson Reuters Foundation); International Financial Journalism (IFJ) (By PMA Media Training, UK); Effective Business Writing Skills (By Phillips Consulting); Reporting on Corporate Governance (By International Finance Corporation (IFC) & Thomson Reuters Foundation UK); etc. In addition, he has participated in high-level economy & markets events in Dubai, South Africa, Morocco, and other African countries like Zambia, Ghana and Gambia.