AIM Schedule One - Savannah Energy Plc (5603L)
April 30 2020 - 12:00PM
UK Regulatory
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
PAAWPUQACUPUGAU
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