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Thursday, December 12,
2019 / 02:50 PM / NSE / Header Image Credit: Coindesk
On 15 October 2019, the boards of Eland and Seplat 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. The Acquisition is to
be implemented by means of a scheme of arrangement under Part 26 of the
Companies Act 2006 which requires the approval of the Scheme Shareholders and
the sanction of the Court. A scheme document was posted to Eland Shareholders
on 28 October 2019 setting out the terms of the Acquisition (the "Scheme
Document"). On 20 November 2019, Eland and Seplat announced that at the Court
Meeting and the General Meeting convened in relation to the proposed Scheme,
all the proposed resolutions were duly passed by the requisite majorities.
Eland and Seplat are pleased to announce that the
Scheme was sanctioned by the Court earlier today. The Scheme will become
effective upon the Court Order being delivered to the Registrar of Companies,
which is expected to take place on 17 December 2019.
Dealings in Eland Shares will be suspended with
effect from close of business on 16 December 2019. Accordingly, 16 December
2019 will be the last day of dealings in, and registration of transfers of,
Eland Shares.
Subject to the Scheme becoming effective, it is expected that the admission to trading of Eland Shares on AIM will be cancelled at 7.00 a.m. on 18 December 2019. A further announcement will be made when the Scheme has become effective.
EXPECTED TIMETABLE OF PRINCIPAL EVENTS
The dates and times given are indicative only and
are based on Eland's and Seplat's current expectations and may be subject to
change. If any of the dates and/or times in this expected timetable change, the
revised dates and/or times will be notified to Eland Shareholders by
announcement through a Regulatory Information Service.
Visit Seplat Petroleum Development Company Plc IR Page in Proshare MARKETS
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