Seplat Issues Statement regarding possible combination with Afren plc
In accordance with the provisions of Section 10 of the Amended Listing Rules of the Nigerian Stock Exchange, Seplat Petroleum Development Company Plc (“Seplat” or the “Company”) notes the announcement by Afren plc (“Afren”) dated 22 December 2014 and confirms that it has made a highly preliminary approach regarding a possible combination with Afren. There can be no certainty that an offer will be made or as to the terms of any offer.
Seplat acknowledges that in accordance with Rule 2.6(a) of the UK City Code on Takeovers and Mergers (the “Code”), by no later than 5.00 pm on 19 January 2015, the Company must either announce a firm intention to make an offer under Rule 2.7 of the Code or announce that it does not intend to make an offer, in which case the announcement will be treated as a statement to which Rule 2.8 of the Code applies. Seplat notes that this deadline can be extended with the consent of the UK Takeover Panel (the “Panel”) in accordance with Rule 2.6(c) of the Code.
Further details cannot be provided at this stage due to the highly preliminary status of events. Further announcements will be made as soon as the need arises.