Court Approves Scheme of Arrangement Between Seplat, Eland

December 12, 2019/NSE

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.

Proshare Nigeria Pvt. Ltd.

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