TIDMSAVP
RNS Number : 9835N
Savannah Petroleum PLC
24 January 2019
24 January 2019
Savannah Petroleum PLC
("Savannah" or "the Company")
Savannah Successfully Raises c.US$23 million
Savannah Petroleum PLC, the British independent company focused
around activities in Niger and Nigeria, is pleased to confirm the
successful completion of its proposed placing, as announced on 23
January 2019 (the "Placing").
A total of 62,800,000 new ordinary shares of par value GBP0.001
each in Savannah Petroleum ("Ordinary Shares") have been placed
with existing and new institutional shareholders as well as with
Company Directors at a price of 28 pence per new Ordinary Share
pursuant to the Placing (the "Placing Shares"), raising gross
proceeds of c.US$23 million. The Placing Shares represent
approximately 8 per cent. of the Company's current issued share
capital and will be admitted to trading on AIM on 25 January
2019.
Total Voting Rights
Following the issue of the Placing Shares, the Company will have
879,769,427 Ordinary Shares in issue and there are no shares held
in treasury. This will be the total number of voting rights in the
Company and may be used by Shareholders as the denominator for the
calculations by which they determine if they are required to notify
their interest in, or change to their interest in, the Company
under the FCA's Disclosure Rules and the Transparency Rules.
Related Party Transaction
Andrew Knott, Isatou Semega-Janneh, David Clarkson, Steve
Jenkins and Mark Iannotti (together the "Participating Directors")
have agreed to subscribe for, in aggregate, 2,101,000 Placing
Shares, representing c.3.3 per cent. of the gross proceeds of the
Placing. The Participating Directors' respective interests in the
Company following the Placing are set out in the table below. Mr
Knott's participation in the Placing is via Ariadne Petroleum
Limited, a company in which he is the 100 per cent. beneficial and
legal owner.
Director Ordinary Shares No. Placing Total No. Percentage
Held Prior Shares Acquired Ordinary Shares Held
to the Placing Held
Andrew Knott,
CEO 26,355,565 1,367,000 27,722,565 3.15%
---------------- ----------------- ----------------- -----------
David Clarkson,
COO - 357,000 357,000 0.04%
---------------- ----------------- ----------------- -----------
Mark Iannotti,
Non-Executive
Director 2,793,887 273,000 3,066,887 0.35%
---------------- ----------------- ----------------- -----------
Isatou Semega-Janneh,
CFO 131,579 36,000 167,579 0.02%
---------------- ----------------- ----------------- -----------
Steve Jenkins,
Chairman 301,800 36,000 337,800 0.04%
---------------- ----------------- ----------------- -----------
Total 29,614,831 2,101,000 31,683,831 3.60%
---------------- ----------------- ----------------- -----------
The participation in the Placing by the Participating Directors
is deemed a related party transaction in accordance with the AIM
Rules for Companies by virtue of their status as Directors of the
Company. The independent Directors other than the Participating
Directors consider, being the Rt. Hon. Sir Stephen O'Brien, David
Jamison and Michael Wachtel, consider, having consulted with the
Company's nominated advisor, Strand Hanson Limited, that the terms
of the Participating Directors' participation in the Placing is
fair and reasonable insofar as the Company's shareholders are
concerned.
Andrew Knott, CEO of Savannah Petroleum plc, commented:
"I am delighted to announce the successful conclusion of this
well supported fundraise. Savannah highly values the ongoing
support it has received from its existing shareholders and welcomes
its new investors as shareholders in the Company. We now look
forward to the completion of the Seven Energy Transaction, as well
as to resuming drilling activities in Niger, both of which I and
the Board see as key value enhancing events for Savannah in
2019.
I look forward with great excitement to the year ahead, which I
expect to be a very successful year for our shareholders."
Unless otherwise defined, capitalised terms in this announcement
have the same meaning ascribed to them as in the Company's
Admission Document dated 22 December 2017.
For further information contact:
Savannah Petroleum +44 (0) 20 3817 9844
Andrew Knott, CEO
Isatou Semega-Janneh, CFO
Jessica Ross, VP Corporate Affairs
Strand Hanson (Nominated Adviser) +44 (0) 20 7409 3494
Rory Murphy
James Spinney
Ritchie Balmer
Mirabaud Securities Limited (Bookrunner
and Joint Broker) +44 (0) 20 7878 3362
Peter Krens
Ed Haig-Thomas
H&P Advisory Limited (Bookrunner and
Joint Broker) +44 (0) 20 7907 8500
Neil Passmore
Alejandro Demichelis
Hamish Clegg
Shore Capital Stockbrokers Limited
(Lead Manager) +44 (0) 20 7408 4090
Jerry Keen
Mark Percy
Toby Gibbs
Celicourt Communications +44 (0) 20 7520 9266
Mark Antelme
Jimmy Lea
Ollie Mills
Notes to Editors:
About Savannah Petroleum
Savannah Petroleum PLC is an AIM listed oil and gas company with
exploration and production assets in Niger and Nigeria. Savannah's
flagship assets include the R1/R2 and R3/R4 PSCs, which cover c.50%
of the highly prospective Agadem Rift Basin ("ARB") of South East
Niger, acquired in 2014/15. The Company is in the process of
acquiring interests in the cash flow generative Uquo and Stubb
Creek oil and gas fields and an interest in the Accugas midstream
business in South East Nigeria from Seven Energy.
Further information on Savannah Petroleum PLC can be found on
the Company's website:
http://www.savannah-petroleum.com/en/index.php
The information contained within this announcement is considered
to be inside information prior to its release, as defined in
Article 7 of the Market Abuse Regulation No. 596/2014, and is
disclosed in accordance with the Company's obligations under
Article 17 of those Regulations.
This press release is for informational purposes only and shall
does not constitute or form part of any prospectus, offer or
invitation to sell or issue or any solicitation of any offer to
purchase or subscribe for any securities the United States or in
any other jurisdiction, nor shall it (or any part of it), or the
fact of its distribution, form the basis of, or be relied upon in
connection with, or act as any inducement to enter into, any
contract or commitment whatsoever relating to any securities.
Neither this announcement nor any copy of it may be made or
transmitted into the United States of America, or distributed,
directly or indirectly, in the United States of America. Neither
this announcement nor any copy of it may be taken or transmitted
directly or indirectly into Australia, Canada or Japan or to any
persons in any of those jurisdictions, except in compliance with
Applicable securities laws. Any failure to comply with this
restriction may constitute a violation of United States,
Australian, Canadian or Japanese securities laws. The distribution
of this announcement in other jurisdictions may be restricted by
law and persons into whose possession this announcement comes
should inform themselves about, and observe, any such restrictions.
This announcement does not constitute, or form part of, an offer to
sell, or a solicitation of an offer to purchase, any securities in
the United States of America, Australia, Canada or Japan or in any
jurisdiction in which such offer or solicitation is unlawful.
The securities have not been and will not be registered under
the U.S. Securities Act of 1933, as amended (the "Securities Act"),
or with any securities regulatory authority of any state or other
jurisdiction of the United States. The securities may not be
offered or sold in the United States except pursuant to an
exemption from, or in a transaction not subject to, the
registration requirements of the Securities Act and applicable
state securities laws. There will be no public offer of the
securities in the United States. The securities referred to herein
have not been registered under the applicable securities laws of
Canada, Australia or Japan or and, subject to certain exceptions,
may not be offered or sold within Canada, Australia or Japan or to
any national, resident or citizen of Canada, Australia or
Japan.
Neither the Company, Mirabaud Securities Limited, H&P
Advisory Limited, Shore Capital Stockbrokers Limited or any of
their respective parent or subsidiary undertakings, or the
subsidiary undertakings of any such parent undertakings, or any of
such person's respective directors, officers, employees, agents,
affiliates or advisers or any other person ("their respective
affiliates") accepts any responsibility or liability whatsoever
for/or makes any representation or warranty, express or implied, as
to this announcement, including the truth, accuracy or completeness
of the information in this announcement (or whether any information
has been omitted from the announcement) or any other information
relating to the Company, its subsidiaries or associated companies,
whether written, oral or in a visual or electronic form, and
howsoever transmitted or made available or for any loss howsoever
arising from any use of the announcement or its contents or
otherwise arising in connection therewith. The Company, Mirabaud
Securities Limited, H&P Advisory Limited, Shore Capital
Stockbrokers
Limited and their respective affiliates accordingly disclaim all
and any liability whether arising in tort, contract or otherwise
which they might otherwise have in respect of this announcement or
its contents or otherwise arising in connection therewith.
Forward-looking statements
This announcement contains statements that constitute
forward-looking statements, beliefs or opinions, including
statements relating to business, financial condition and results of
operations of Savannah. These statements may be identified by words
such as "expectation", "believe", "estimate", "plan", "target",
"intend," "may," "will," "should" or "forecast" and similar
expressions or the negative thereof; or by the forward-looking
nature of discussions of strategy, plans or intentions; or by their
context. All statements regarding the future involve known and
unknown risks and uncertainties and various factors could cause
actual future results, performance or events to differ materially
from those described or implied in these statements. Such
forward-looking statements are based on numerous assumptions
regarding Savannah's present and future business strategies as well
as the environment in which Savannah expects to operate in the
future. Further, certain forward-looking statements are based upon
assumptions of future events which may not prove to be accurate and
Savannah does not accept any responsibility for the accuracy of the
opinions expressed in this announcement or the underlying
assumptions. Past performance is not an indication of future
results and past performance should not be taken as a
representation that trends or activities underlying past
performance will continue in the future. The forward-looking
statements in this announcement speak only as at the date of this
announcement and Savannah and its affiliates expressly disclaim any
obligation or undertaking to review or release any updates or
revisions to these forward-looking statements to reflect any change
in Savannah's expectations with regard thereto or any change in
events, conditions or circumstances on which any statement is based
after the date of this announcement or to update or to keep current
any other information contained in this announcement or to provide
any additional information in relation to such forward-looking
statements, unless required to do so by applicable law.
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 or visit www.rns.com.
END
STRCKQDQOBKKCDB
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