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Seplat completes acquisition of Eland

The Court Order sanctioning the acquisition of Eland by Seplat Petroleum Development Company Plc has 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.

Admission to trading of the Eland shares on AIM (Alternative Investment Market) will be cancelled with effect from 7.00 a.m. 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 – a UK-based central securities depository will be cancelled.

Scheme shareholders on the register at the Scheme record time, being 6.00 p.m. on December 16, 2019 will receive 166 pence in cash for each Scheme share. The consideration due to the Scheme shareholders will be sent by no later than December 31, 2019. Each of the non-executive Eland directors has resigned as a director of Eland with immediate effect.

“We are delighted to successfully complete the acquisition of Eland, which further enhances Seplat’s footprint in Nigeria and provides opportunities for enhanced scale, diversification and growth. We welcome our new colleagues and Nigerian partners as we look forward to working together in this exciting phase of our development,” said Austin Avuru, Chief Executive Officer, Seplat.

On October 15, 2019 the boards of Seplat and Eland 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 to be implemented by way of a court-sanctioned scheme of arrangement under Part 26 of the Companies Act 2006.

A scheme document was posted to Eland shareholders on October 28, 2019, setting out the terms of the acquisition. On December 12, 2019 Seplat and Eland announced that the Court had sanctioned the Scheme.