REG - Seplat Energy PLC - Court of Appeal suspends Interim Court Orders

Seplat EnergyAnnouncement

15/05/2023 15:45

For best results when printing this announcement, please click on link below:
http://newsfile.refinitiv.com/getnewsfile/v1/story?guid=urn:newsml:reuters.com:20230515:nRSO4652Za&default-theme=true

RNS Number : 4652Z  Seplat Energy PLC  15 May 2023

 

 

 

 

 

Seplat Energy Plc

("Seplat Energy" or the "Company")

 

Court of Appeal of Nigeria (Abuja Division) suspends enforcement of Interim
Court Orders against Seplat and its Officers

 

 

Lagos and London - 15 May 2023: Seplat Energy is pleased to announce that,
today, the Court of Appeal of Nigeria, sitting in Abuja, suspended the ex
parte Interim Orders granted on 11 May 2023 by the Hon. Justice I.E. Ekwo of
the Federal High Court, Abuja in suit number FHC/ABJ/CS/626/2023 - Juliet
Gbaka & 2 others v. Seplat Energy Plc & 13 others, and served on the
Company on 12 May 2023. The Court subsequently adjourned pending applications
to 30 May 2023 for hearing.

 

As previously announced, the Interim Orders were made pursuant to a petition
which was the third in a series of duplicative petitions filed by minority
shareholders between March and April 2023. The Interim Orders primarily
restrained the Board Chairman, named Independent Non-Executive Directors, the
Chief Operating Officer and the Company Secretary from operating or
functioning as officers of Seplat Energy in any capacity, or otherwise
conducting the affairs of the Company, and directed the Securities &
Exchange Commission to appoint suitable persons to run the affairs of the
Company.

 

Seplat Energy remains confident that the courts will appropriately address the
frivolous litigations brought by a combination of 13 minority shareholders
holding less than 800 shares out of 589 million shares (or 0.0001% of the
Company's issued shares).

 

This announcement is made pursuant to Rule 17.10 of the Rulebook of the
Nigerian Exchange, 2015 (Issuer's Rule).

 

 

Responsibility for publication

 

This announcement has been authorised for publication by Mr. Basil Omiyi,
Independent Chairman, on behalf of the entire Board of Seplat Energy PLC.

 

Signed:

 

 

Mr. Basil Omiyi CON

Board Chairman

  Enquiries:

 

 Edith Onwuchekwa, Director Legal/Company Secretary  +234 1 277 0400

 

 FTI Consulting
 Ben Brewerton / Christopher Laing            +44 203 727 1000

                                              seplatenergy@fticonsulting.com (mailto:seplatenergy@fticonsulting.com)

 Citigroup Global Markets Limited
 Tom Reid / Luke Spells                       +44 207 986 4000

 Investec Bank plc
 Chris Sim / Charles Craven / Jarrett Silver  +44 207 597 4000

 

Notes to editors

Seplat Energy Plc is Nigeria's leading indigenous energy company. It is listed
on the Nigerian Exchange Limited (NGX: SEPLAT) and the Main Market of the
London Stock Exchange (LSE: SEPL).

Seplat Energy is pursuing a Nigeria-focused growth strategy through
participation in asset divestments by international oil companies, farm-in
opportunities, and future licensing rounds. The Company is a leading supplier
of gas to the domestic power generation market. For further information please
refer to the Company website,  http://seplatenergy.com/
(http://seplatenergy.com/)

 

 

 

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact
rns@lseg.com (mailto:rns@lseg.com)
 or visit
www.rns.com (http://www.rns.com/)
.

RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our
Privacy Policy (https://www.lseg.com/privacy-and-cookie-policy)
.   END  MSCSFLFLIEDSEDI