Seplat Energy PLC Interim Court Orders (1716Z)
11 Mayo 2023 - 12:21PM
UK Regulatory
TIDMSEPL
RNS Number : 1716Z
Seplat Energy PLC
11 May 2023
Seplat Energy Plc
("Seplat Energy" or the "Company")
Seplat takes immediate steps to counter Interim Court Orders
against its Officers
Lagos and London - 11 May 2023: Seplat Energy is aware of
certain media publications that the Federal High Court, per Hon.
Justice I. E. Ekwo, sitting in Abuja in suit number
FHC/ABJ/CS/626/2023 - Juliet Gbaka & 2 others v. Seplat Energy
Plc & 13 others granted ex parte Interim Orders against Seplat
Energy and some of its Officers. The Interim Orders, which are yet
to be served on the Company or any of the affected Officers,
primarily restrain the Board Chairman, the named Independent
Non-Executive Directors, the Chief Operating Officer and the
Company Secretary from operating or functioning as officers of
Seplat Energy in any capacity, or otherwise conducting the affairs
of the Company.
The Company, as a law-abiding entity, has defended against the
Interim Orders by immediately filing an Appeal and a Motion for
Stay of Execution of the Orders. Seplat Energy has been advised by
its legal team that the Interim Orders, which are yet to be served
on the Company or its officers, cannot be enforced until the Court
of Appeal has heard and determined the Appeal and application for
Stay of Execution.
This petition is a third in the series of duplicative petitions
filed by purported minority shareholders between March and April
2023, as part of orchestrated attempts to damage the Company in
response to its unrelenting efforts to improve corporate governance
by eliminating related party transactions and implementing other
corporate governance initiatives. The Company previously announced
that:
-- The Federal High Court in Lagos, per Hon. Justice Aneke, in
Moses Igbrude & 4 ors V. Seplat Energy & 2 ors, has vacated
the ex parte Interim Orders that required the Company's CEO to step
aside.
-- The Federal High Court in Abuja, per Hon. Justice Ekwo, in
Federal Republic of Nigeria V. Seplat Energy & 8 ors, formally
dismissed the Immigration Charge against the Company and some of
its Officers, and fully discharged all named Officers. This
discharge followed the Notice of Withdrawal/Discharge filed by the
Director Legal of the Nigeria Immigration Service and the Company's
cooperation with the immigration authorities.
-- The Federal High Court in Abuja, per Hon. Justice Ekwo, in
Boniface Okezie & 4 ors. V. Seplat Energy & 9 ors, refused
to grant to the Petitioners' request to grant ex parte Interim
Orders restraining the Company from holding its AGM.
Seplat Energy remains relentless in its commitment to governance
and operational excellence. The Company will continue to diligently
defend against these deliberate court actions, and remains
confident and hopeful that the courts will appropriately address
these unending litigations on the same subject matter in short
order.
It is imperative to state again that the company and the
affected officers are yet to be served with any order of the court
apart from the media report.
This announcement is made pursuant to Rule 17.10 of th e
Rulebook of the Nigerian Exchange, 2015 (Issuer's Rule).
Responsibility for publication
This announcement has been authorised for publication by Mrs.
Chioma Afe on behalf of Seplat Energy PLC.
Signed:
Mrs. Chioma Afe
Communications & External Affairs Directorate
Enquiries:
Ben Brewerton / Christopher Laing +44 203 727 1000
seplatenergy@fticonsulting.com
====================================== ============================================================
Citigroup Global Markets Limited
Tom Reid / Luke Spells +44 207 986 4000
====================================== ============================================================
Investec Bank plc
Chris Sim / Charles Craven / Jarrett +44 207 597 4000
Silver
====================================== ============================================================
Notes to editors
Seplat Energy Plc is Nigeria's leading indigenous energy
company. It is listed on the Nigerian Exchange Limited (NGX:
SEPLAT) and the Main Market of the London Stock Exchange (LSE:
SEPL).
Seplat Energy is pursuing a Nigeria-focused growth strategy
through participation in asset divestments by international oil
companies, farm-in opportunities, and future licensing rounds. The
Company is a leading supplier of gas to the domestic power
generation market. For further information please refer to the
Company
website, http://seplatenergy.com/
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