OpeOluwani Akintayo
03 February 2018, Sweetcrude, Lagos –– Seplat Petroleum has allotted 25 million ordinary shares in an Initial Public Offering at ₦0.50k each.
In a memo sent to the Nigerian Stock Exchange, NSE on Friday and obtained by SweetcrudeReports, the company explained that the move is in line with Rule 14 of the Nigerian Stock Exchange Amended Listing Rules and Article 17 – 19 of the UK Market Abuse Regulations 2016.
According to the company, the decision to put up its shares for sale came three years after an agreement at its Annual General Meeting held on 30th June 2014.
The memo also said the management had decided to increase the remuneration of its top management and directors.
Titled; ANNOUNCEMENT OF VOTING RIGHTS AND ISSUED SHARE CAPITAL, Seplat puts Stanbic IBTC Trustees Limited as custodian of the shares on offer.
“In exercise of the powers granted to the Board of Directors of the Company, by the Shareholders at the Annual General Meeting held on 30th June 2014 to implement the IPO award and other remuneration of the top Management and Directors as disclosed in the IPO Prospectus, 25,000,000 ordinary shares of SEPLAT has been allotted to Stanbic IBTC Trustees Limited as Custodian in furtherance of the Company’s Long-Term Incentive Plan”.
These shares have also been formally listed on the Nigerian Stock Exchange.
In light of the above, SEPLAT’s share capital now consists of 588,444,561 ordinary shares of ₦0.50k each, all with voting rights.
“Therefore, the figure of 588,444,561 may be used by shareholders as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change to their interest in SEPLAT under the NSE Rules and the UK Market Abuse Regulations 2016”.
