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.
The Scheme Document containing, amongst other things, the full terms and conditions of the Acquisition (the "Scheme Document"), together with the related Forms of Proxy, are being published and sent to Eland Shareholders today. Further details are contained in full announcement hereunder.
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