SAVP Savannah Petroleum Plc

TIDMSAVE

RNS Number : 8944I

AIM

07 December 2022

 
          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 AIM-quoted, British energy company focused around 
   the delivery of Projects that Matter in Africa. 
 
   In Nigeria, the Company has a significant interest in a large-scale 
   integrated oil and gas production and distribution business 
   which is currently supplying gas to enable over approximately 
   24% of Nigeria's thermal power generation. In Niger, the Company 
   holds a significant production sharing licence, covering the 
   R1234 PSC area, comprising over 13,655 km(2) in the country's 
   main petroleum basin, the Agadem Rift Basin. 
 
   As detailed in the Company's admission document dated 31 December 
   2021, Admission is being sought in connection with the acquisition 
   of Exxon Mobil Corporation's entire upstream and midstream 
   asset portfolio in Chad and Cameroon (the "Exxon Acquisition"), 
   which constituted a reverse takeover under AIM Rule 14 and 
   which was approved by Shareholders on 24 January 2022. Further 
   details will be set out in the Company's supplemental admission 
   document. 
 
   The Company's proposed acquisition of PETRONAS (E&P) Overseas 
   Ventures SDN. BHD.'s interest in the same assets in Chad and 
   Cameroon is ongoing, and is not a condition of the Exxon Acquisition. 
   Accordingly, this Schedule One announcement and Admission relates 
   solely to the Exxon Acquisition. 
 
   The Company currently operates from offices in the UK (London), 
   Nigeria (Lagos, Abuja, and Uyo) and Niger (Niamey) and, on 
   completion of the Exxon Acquisition, the enlarged group will 
   also operate in Chad and Cameroon. 
 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): 
 
   1,306,098,819 ordinary shares of 0.1 pence each ("Ordinary 
   Shares") 
 
   No Ordinary Shares held in treasury 
 
   There are no restrictions as to transfer of the Ordinary Shares 
 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: GBP323 million 
   (based on the mid-market closing price of an Ordinary Share 
   of GBP0.247 on 6 December 2022, being the last practicable 
   date prior to this announcement) 
 PERCENTAGE OF AIM SECURITIES NOT IN PUBLIC HANDS AT ADMISSION: 
 
   9.6% 
 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 
 THE COMPANY HAS APPLIED FOR THE VOLUNTARY CARBON MARKET DESIGNATION 
  (Y/N) 
 
   N 
 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): 
 
   Current Directors : 
   Stephen ("Steve") Ian Jenkins - Independent Non-Executive Chair 
   Rt. Hon. Sir Stephen Rothwell O'Brien - Independent Non-Executive 
   Vice Chair 
   Andrew Allister Knott - Chief Executive Officer 
   Nicholas ("Nick") Beattie - Chief Financial Officer 
   David Clarkson - Independent Non-Executive Director 
   Marco ("Mark") Iannotti - Independent Non-Executive Director 
 
   Proposed Directors : 
   Sarah Louise Clark - Proposed Independent Non-Executive Director 
   Dr Djamila Ferdjani - Proposed Independent Non-Executive Director 
 
   Sylvie Christine Michelle Rucar's proposed appointment on 
   Admission has been delayed for personal reasons and will now 
   join the Company's Board at a date to be determined in 2023. 
 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): 
  Shareholder                                           % of issued share capital 
                                               before and expected on Admission(3) 
   Ingalls & Snyder LLC                                                       9.89 
                                             ------------------------------------- 
   TT International Investment Management                                     8.92 
                                             ------------------------------------- 
   Capital Research & Management                                              7.34 
                                             ------------------------------------- 
   Premier Miton Investors                                                    7.04 
                                             ------------------------------------- 
   abrdn plc                                                                  6.49 
                                             ------------------------------------- 
   JO Hambro Capital Management Limited                                       5.72 
                                             ------------------------------------- 
   Cavendish Fiduciary (Jersey) Limited(1)                                    5.28 
                                             ------------------------------------- 
   Standard Life Assurance Limited                                            4.20 
                                             ------------------------------------- 
   Andrew Allister Knott(2)                                                   3.72 
                                             ------------------------------------- 
   RWC Asset Advisors LLC                                                     3.61 
                                             ------------------------------------- 
 
  Notes : 
  (1) Cavendish Fiduciary (Jersey) Limited is the holding company 
  for the Company Employee Benefit Trust shares. 
  (2) Held directly and through Lothian Capital Partners 1, 
  Lothian Investment Partners and Ariadne Petroleum Limited, 
  which are 100% beneficially and legally owned by Andrew Knott. 
  (3) There are not expected to be any new Ordinary Shares issued 
  prior to or on Admission, however shareholders may buy or sell 
  Ordinary Shares in the market. 
 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 2022 
 
                    (iii) 30 June 2023 - Audited Annual Report for the year ended 
                    31 December 2022 
 
                    30 September 2023 - Unaudited Interim Report for the six months 
                    ending 30 June 2023 
 
                    30 June 2024 - Audited Annual Report for the year ended 31 
                    December 2023 
 EXPECTED ADMISSION DATE: 
 
   13 December 2022 
 NAME AND ADDRESS OF NOMINATED ADVISER: 
 
   Strand Hanson Limited 
   26 Mount Row 
   London W1K 3SQ 
   United Kingdom 
 NAME AND ADDRESS OF BROKER: 
 
   finnCap Ltd 
   1 Bartholomew Close 
   London EC1A 7BL 
   United Kingdom 
 
   Panmure Gordon (UK) Limited 
   One, New Change 
   London EC4M 9AF 
   United Kingdom 
 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: 
 
   The admission document published on 31 December 2021 is available 
   on the Company's website and contains full information on, 
   inter alia, the Company and the Exxon Acquisition up to that 
   date. The supplemental admission document will contain details 
   of any material changes to the Company and the Exxon Acquisition 
   since 31 December 2021, as well as details on Admission, and 
   will also be made available on the Company's website. 
 
   The Company's website can be found at: www.savannah-energy.com 
 THE CORPORATE GOVERNANCE CODE THE APPLICANT HAS DECIDED TO 
  APPLY 
 
   The Quoted Companies Alliance Corporate Governance Code 
 DATE OF NOTIFICATION: 
 
   7 December 2022 
 NEW/ UPDATE: 
 
   Update 
 

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(END) Dow Jones Newswires

December 07, 2022 11:30 ET (16:30 GMT)