Avuru’s Professional Support now holds 8.26% equity stake in SEPLAT on latest deal

Seplat Petroleum Development Company Plc has notified the Nigerian Exchange (NGX) Limited that it received a notification on March 26, 2021 of a transfer of 19,760,794 ordinary shares held by Platform Petroleum Limited (an entity in which Austin Avuru has an equity interest) to various beneficiaries who are shareholders of Platform Petroleum Limited. Avuru retired as CEO of Seplat.

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 with them.

Amongst these beneficiaries, Professional Support Limited (an entity wholly controlled by Avuru) received a total of 7,422,770 ordinary shares. Following these transfers, Platform Petroleum now holds 318,738 shares (0.05percent), and Professional Support holds 48,649,952 shares (8.26percent) of the Company’s Issued Share Capital of 588,444,561.

Consequently, Avuru now holds nil direct interest and indirect interest of 48,968,690 ordinary shares (8.32percent) of 50kobo in the Company.

The notification was 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.

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.