AIM Schedule One - Savannah Energy Plc (5603L)

TIDMSAVE
RNS Number : 5603L
AIM
30 April 2020
 
     ANNOUNCEMENT TO BE MADE BY THE AIM APPLICANT PRIOR TO ADMISSION 
      IN ACCORDANCE WITH RULE 2 OF THE AIM RULES FOR COMPANIES ("AIM 
                                  RULES") 
 
 COMPANY NAME: 
 
   Savannah Energy PLC ("Savannah" or the "Company") 
 COMPANY REGISTERED OFFICE ADDRESS AND IF DIFFERENT, COMPANY 
  TRADING ADDRESS (INCLUDING POSTCODES): 
 
   40 Bank Street, 
   London E14 5NR 
   United Kingdom 
 COUNTRY OF INCORPORATION: 
 
   England and Wales 
 COMPANY WEBSITE ADDRESS CONTAINING ALL INFORMATION REQUIRED 
  BY AIM RULE 26: 
 
   www.savannah-energy.com 
 COMPANY BUSINESS (INCLUDING MAIN COUNTRY OF OPERATION) OR, 
  IN THE CASE OF AN INVESTING COMPANY, DETAILS OF ITS INVESTING 
  POLICY). IF THE ADMISSION IS SOUGHT AS A RESULT OF A REVERSE 
  TAKE-OVER UNDER RULE 14, THIS SHOULD BE STATED: 
 
   Savannah is an independent oil & gas company focused on activities 
   in Nigeria and Niger. 
 
   As announced by the Company on 15 November 2019, Savannah completed 
   the acquisition of certain of the assets of Seven Energy International 
   Limited (the "Acquisition"). The assets which were acquired 
   are all located in the South East of Nigeria and include: 
 
    *    an 80% economic interest in the producing Uquo Field 
         gas project; 
 
 
    *    a 51% economic interest in the producing Stubb Creek 
         Field; and 
 
 
    *    an 80% interest in the Accugas Midstream Business, 
         which owns and operates the 200 MMscfd Uquo gas 
         processing facility, the c. 260km gas pipeline 
         network and related gas distribution infrastructure, 
         as well as holding a number of gas sales agreements 
         with downstream customers. 
 
 
 
   The Company's activities in Niger centre around the delivery, 
   subject to suitable market and financing conditions, of first 
   production and cash flow from the planned R3 East Early Production 
   Scheme, as well as undertaking further exploration activities 
   on its acreage in country. 
 
   The Acquisition constituted a reverse takeover under the AIM 
   Rules for Companies, which was approved by shareholders in 
   general meeting on 8 January 2018. 
 
   The Company will shortly publish an AIM Supplemental Admission 
   Document (the "Document") to be issued in connection with the 
   re-admission to trading of the enlarged group (the "Group", 
   as enlarged by the Acquisition) pursuant to Rule 14 of the 
   AIM Rules for Companies ("AIM Rules"). Further details on, 
   inter alia, the Group and the Acquisition are set out in the 
   Document. 
 
   Accordingly, the existing issued share capital is expected 
   to be cancelled from trading at 4.30 p.m. on 15 May 2020 with 
   the re-admission of the Group's issued share capital to trading 
   on AIM with effect from 8.00 a.m. on 18 May 2020 ("Admission"). 
 DETAILS OF SECURITIES TO BE ADMITTED INCLUDING ANY RESTRICTIONS 
  AS TO TRANSFER OF THE SECURITIES (i.e. where known, number 
  and type of shares, nominal value and issue price to which 
  it seeks admission and the number and type to be held as treasury 
  shares): 
 
   996,408,412 ordinary shares of 0.1 pence each ("Ordinary Shares") 
 
   The Company does not hold any treasury shares. 
 
   There are no restrictions on the transfer of the securities. 
 CAPITAL TO BE RAISED ON ADMISSION (AND/OR SECONDARY OFFERING) 
  AND ANTICIPATED MARKET CAPITALISATION ON ADMISSION: 
 
   No capital to be raised on Admission 
 
   Anticipated market capitalisation on Admission: GBP80 million 
   (based on the mid-market closing price of an Ordinary Share 
   on 29 April 2020) 
 PERCENTAGE OF AIM SECURITIES NOT IN PUBLIC HANDS AT ADMISSION: 
 
   7.60 per cent. 
 DETAILS OF ANY OTHER EXCHANGE OR TRADING PLATFORM TO WHICH 
  THE AIM SECURITIES (OR OTHER SECURITIES OF THE COMPANY) ARE 
  OR WILL BE ADMITTED OR TRADED: 
 
   None 
 FULL NAMES AND FUNCTIONS OF DIRECTORS AND PROPOSED DIRECTORS 
  (underlining the first name by which each is known or including 
  any other name by which each is known): 
 
   Stephen Ian ("Steve") Jenkins (Non-Executive Chairman) 
   Rt. Hon. Sir Stephen Rothwell O'Brien (Non-Executive Vice Chairman) 
   Andrew Allister Knott (Chief Executive Officer) 
   Isatou Semega-Janneh (Chief Financial Officer) 
   David Clarkson (Non-Executive Director) 
   Marco ("Mark") Iannotti (Non-Executive Director) 
   David Lawrence Jamison (Non-Executive Director) 
   Michael Jon Wachtel (Non-Executive Director) 
 FULL NAMES AND HOLDINGS OF SIGNIFICANT SHAREHOLDERS EXPRESSED 
  AS A PERCENTAGE OF THE ISSUED SHARE CAPITAL, BEFORE AND AFTER 
  ADMISSION (underlining the first name by which each is known 
  or including any other name by which each is known): 
                                              Before and 
                                              expected on 
                                                Admission 
    Standard Life Aberdeen plc                      9.02% 
    TT International Asset Management 
     Limited                                        9.00% 
    Miton Asset Management Limited                  8.58% 
    JO Hambro Capital Management                    7.46% 
    Capital Group Companies, Inc.                   6.01% 
    VR Global Partners, L.P.                        5.75% 
    Cavendish Fiduciary Jersey Limited              5.21% 
    Ashmore Investment Management Limited           3.68% 
    Legal & General Investment Management 
     Limited                                        3.01% 
 NAMES OF ALL PERSONS TO BE DISCLOSED IN ACCORDANCE WITH SCHEDULE 
  2, PARAGRAPH (H) OF THE AIM RULES: 
 
   None 
 (i) ANTICIPATED ACCOUNTING REFERENCE DATE 
  (ii) DATE TO WHICH THE MAIN FINANCIAL INFORMATION IN THE ADMISSION 
  DOCUMENT HAS BEEN PREPARED (this may be represented by unaudited 
  interim financial information) 
  (iii) DATES BY WHICH IT MUST PUBLISH ITS FIRST THREE REPORTS 
  PURSUANT TO AIM RULES 18 AND 19: 
 
        i) 31 December 
        ii) 30 June 2019 (unaudited interim financial information) 
        iii) 30 June 2020 (in respect of year ended 31 December 2019), 
        30 September 2020 (in respect of six months ended 30 June 2020), 
        30 June 2021 (in respect of year ended 31 December 2020). 
 EXPECTED ADMISSION DATE: 
 
   18 May 2020 
 NAME AND ADDRESS OF NOMINATED ADVISER: 
 
   Strand Hanson Limited 
   26 Mount Row 
   London 
   W1K 3SQ 
 NAME AND ADDRESS OF BROKER: 
 
   Mirabaud Securities Limited 
   10 Bressenden Place 
   London SW1E 5DH 
 
   Numis Securities Limited 
   The London Stock Exchange Building 
   10 Paternoster Square 
   London EC4M 7LT 
 OTHER THAN IN THE CASE OF A QUOTED APPLICANT, DETAILS OF WHERE 
  (POSTAL OR INTERNET ADDRESS) THE ADMISSION DOCUMENT WILL BE 
  AVAILABLE FROM, WITH A STATEMENT THAT THIS WILL CONTAIN FULL 
  DETAILS ABOUT THE APPLICANT AND THE ADMISSION OF ITS SECURITIES: 
 
   Copies of the Supplemental Admission Document, which will contain 
   full details about the Company and Admission, will be available 
   from the offices of Computershare Investor 
   Services plc at the Pavilions, Bridgwater Road, Bristol, BS13 
   8AE during normal business hours on any weekday (Saturdays, 
   Sundays and public holidays excepted) for a period of one month 
   from the date of Admission. A copy of the Supplemental Admission 
   Document will also be available for download at the Company's 
   website. 
 THE CORPORATE GOVERNANCE CODE THE APPLICANT HAS DECIDED TO 
  APPLY 
 
   QCA Corporate Governance Code (2018) 
 DATE OF NOTIFICATION: 
 
   30 April 2020 
 NEW/ UPDATE: 
 
   New
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END
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