Seplat’s Orjiako sell-off shares, reduce shareholding to 6.43%

Seplat’s Orjiako sell-off shares, reduce shareholding to 6.43%

Seplat Petroleum Development Company Plc, an independent indigenous Nigerian upstream exploration and production company has announced that the company’s Chairman, Dr. A.B.C Orjiako has offloaded part of its holdings.

The transaction has thereby reduced interest in the oil and gas exploration business to 6.43%.

In London, Dr. Orjiako transfers 4,632,803 ordinary shares registered in the name of Vitol Energy Limited at an average price of GBP 1.035 per share.

The company shows that this has effectively reduced both direct and indirect interest in Seplat to 6.43%.

According to document submitted to the Nigerian Stock Exchange by Seplat Plc, the sale relates to the Deed of Share Charge entered into between Shebah Petroleum Development Company Limited; an entity controlled by Dr. Orjiako and members of his family and Vitol S.A. as disclosed by Regulatory News Service (RNS) of the London Stock Exchange on 27 May 2015.

The management notifies that the remaining 8,167,197 shares held by Vitol Energy Limited will now transfer back to Shebah BVI.

It noted that after the sale, Dr. A.B.C. Orjiako holds a direct interest 877,501 ordinary shares and together with family members.

Also, he has an indirect interest in 36,941,021 ordinary shares, totalling 37,818,522 ordinary shares of N0.50k each in Seplat, based on the issued share capital of 588,444,561.

The company made the notification in accordance with Rule 12 of the Amendments to the Listing Rules of the Nigerian Stock Exchange and Article 19 of the European Union (EU) Market Abuse Regulations.

Meanwhile, following the sale and transfer  shows that direct holdings of 877,501 ordinary shares are held directly by Dr. A.B.C. Orjiako; Indirect holdings – 36,941, 021

Now, Shebah BVI holds 23,441,021 ordinary shares. Pursley Resources Limited, another entity controlled by Dr. Orjiako wife holds 900,000 ordinary shares while 12,600,000 ordinary shares are held directly by Dr. A.B.C. Orjiako siblings.

In the RNS of 5 August 2019, it was disclosed that Dr. Orjiako has a direct interest in 16,151,325 ordinary shares and an indirect interest in 26,300,000 ordinary shares of the Company.

The RNS should have stated that Dr. Orjiako has a direct interest in 877,501 ordinary shares and an indirect interest in 41,573,824.

The total number of shares of 42,451,325 remains unchanged. The difference of 15,273,824 ordinary shares is held by Shebah BVI and thus is not classified as a direct holding.

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Seplat’s Orjiako sell-off shares, reduce shareholding to 6.43%