TIDMSAVE
RNS Number : 1090X
Savannah Energy Plc
30 December 2021
NOT FOR RELEASE OR DISTRIBUTION OR PUBLICATION IN WHOLE OR IN
PART IN OR INTO THE UNITED STATES, AUSTRALIA, CANADA, HONG KONG,
JAPAN, NEW ZEALAND OR SINGAPORE
This announcement is not for publication or distribution,
directly or indirectly, in or into the United States of America.
This announcement is not an offer of securities for sale into the
United States. The securities referred to herein have not been and
will not be registered under the U.S. Securities Act of 1933, as
amended, and may not be offered or sold in the United States,
except pursuant to an applicable exemption from registration. No
public offering of securities is being made in the United
States.
30 December 2021
Savannah Energy PLC
("Savannah", the "Company" or the "Group")
Results of Placing and Subscription Raising US$65 million
Savannah Energy PLC, the British independent energy company
focused around the delivery of Projects that Matter in Africa, is
pleased to announce the results of its placing (the "Placing") with
institutional and other investors, and subscription by certain of
the directors (the "Subscription"), as announced at 3.48 p.m. on 30
December 2021, raising gross proceeds, in aggregate, of US$65
million.
A total of 251,623,456 new Ordinary Shares have been placed
pursuant to the Placing and Subscription at a price of 19.35 pence
per share (the "Placing Price"). The Placing received strong demand
and was oversubscribed. As part of the Subscription, five of the
Company's six directors subscribed for an aggregate amount of
GBP2.8 million at the Placing Price, including a subscription for
GBP2.2 million by Savannah's CEO, Andrew Knott.
The net proceeds of the Placing, together with the Debt
Financing, the Subscription and the Junior Loan Facility, further
details of which are set out in Appendices II and IV of today's
earlier announcement, will be used to, inter alia, fund the
considerations payable for the Exxon Acquisition and the PETRONAS
Acquisition (as defined in the Company's announcements of 13
December 2021).
Following on from earlier announcements, the Company intends to
publish an AIM Admission Document in respect of, inter alia, the
Exxon Acquisition and the PETRONAS Acquisition by 7.00 a.m. on 31
December 2021, following which point the Ordinary Shares will be
restored to trading on AIM, with dealings expected to recommence at
8.00 a.m. tomorrow.
finnCap Ltd and Panmure Gordon (UK) Limited acted as joint
bookrunners in relation to the Placing. Strand Hanson Limited is
acting as Nominated & Financial Adviser to the Company.
Andrew Knott, CEO of Savannah, said:
"The successful Placing and intended restoration of our shares
to trading on AIM tomorrow marks the end of a fantastic year for
our company. Not only have we progressed our transformational
acquisitions of the Exxon and PETRONAS assets, but our existing
business has delivered strongly as well. In Nigeria we have
delivered a record financial performance, commenced gas sales to a
major new customer, organically upgraded our group 2P reserves by
27% and made significant progress re-financing our existing debt
facilities. In Niger we have consolidated and extended our PSCs
while also progressing our R3 East Development project plans.
The strong level of support we have received for the Placing has
been very encouraging and a clear endorsement of our management
team and strategy of delivering Projects that Matter in Africa. I
would like to thank our existing shareholders for their continued
support and take this opportunity to welcome new investors to
Savannah as we look towards the future with confidence. I would
also like to take this opportunity to again welcome the incoming
employees to Savannah and acknowledge with gratitude the support we
have received from our stakeholders in government. Lastly, I would
like to thank the ExxonMobil, PETRONAS and Savannah deal and
advisory teams for the hard work that has been undertaken to
deliver these transactions."
Admission and Total Voting Rights
Application is being made to the London Stock Exchange plc for
admission of the Placing Shares and Subscription Shares totalling,
in aggregate, 251,623,456 new Ordinary Shares, to trading on AIM,
which is expected to take effect at 8.00 a.m. on or around 7
January 2022 ("Admission").
Following Admission, the Company will have 1,248,031,868
Ordinary Shares in issue. The Company does not hold any Ordinary
Shares in treasury and accordingly 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. When issued, the Placing Shares and
Subscription Shares will rank pari passu with the Existing Ordinary
Shares.
+44 (0) 20 3817
Savannah Energy 9844
Andrew Knott, CEO
Nick Beattie, I nterim CFO
Sally Marshak, Head of IR & Communications
+44 (0) 20 7409
Strand Hanson (Nominated Adviser) 3494
James Spinney
Ritchie Balmer
Rob Patrick
finnCap Ltd (Joint Broker)
Christopher Raggett +44 (0) 20 7220
Tim Redfern 0500
Panmure Gordon (UK) Ltd (Joint Broker)
John Prior
Hugh Rich +44 (0) 20 7886
James Sinclair-Ford 2500
+44 (0) 20 3757
Camarco 4983
Billy Clegg
Owen Roberts
Violet Wilson
This announcement contains inside information for the purposes
of Article 7 of the Market Abuse Regulation (EU) 596/2014 as it
forms part of UK domestic law by virtue of the European Union
(Withdrawal) Act 2018 ("MAR").
About Savannah Energy:
Savannah Energy PLC is an AIM listed British independent energy
company focused around the delivery of Projects that Matter in
Africa. In Nigeria, the Company has controlling interests in the
cash flow generative Uquo and Stubb Creek oil and gas fields, and
the Accugas midstream business in South East Nigeria, which
provides gas enabling over 10% of Nigeria's thermal power
generation. In Niger, the Company has licence interests covering
approximately 50% of the highly oil prolific Agadem Rift Basin of
South East Niger, where the Company has made five oil discoveries
and seismically identified a large exploration prospect inventory
consisting of 146 exploration targets to be considered for
potential future drilling activity. The Company has announced that
it is in the process of acquiring a portfolio of upstream and
midstream assets in Chad and Cameroon.
Further information on Savannah Energy PLC can be found on the
Company's website: www.savannah-energy.com .
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END
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