Seplat Energy PLC Court of Appeal suspends Interim Court Orders (4652Z)
15 Mayo 2023 - 09:36AM
UK Regulatory
TIDMSEPL
RNS Number : 4652Z
Seplat Energy PLC
15 May 2023
Seplat Energy Plc
("Seplat Energy" or the "Company")
Court of Appeal of Nigeria (Abuja Division) suspends enforcement
of Interim Court Orders against Seplat and its Officers
Lagos and London - 15 May 2023: Seplat Energy is pleased to
announce that, today, the Court of Appeal of Nigeria, sitting in
Abuja, suspended the ex parte Interim Orders granted on 11 May 2023
by the Hon. Justice I.E. Ekwo of the Federal High Court, Abuja in
suit number FHC/ABJ/CS/626/2023 - Juliet Gbaka & 2 others v.
Seplat Energy Plc & 13 others, and served on the Company on 12
May 2023. The Court subsequently adjourned pending applications to
30 May 2023 for hearing.
As previously announced, the Interim Orders were made pursuant
to a petition which was the third in a series of duplicative
petitions filed by minority shareholders between March and April
2023. The Interim Orders primarily restrained the Board Chairman,
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, and directed the Securities &
Exchange Commission to appoint suitable persons to run the affairs
of the Company.
Seplat Energy remains confident that the courts will
appropriately address the frivolous litigations brought by a
combination of 13 minority shareholders holding less than 800
shares out of 589 million shares (or 0.0001% of the Company's
issued shares).
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 Mr.
Basil Omiyi, Independent Chairman, on behalf of the entire Board of
Seplat Energy PLC.
Signed:
Mr. Basil Omiyi CON
Board Chairman
Enquiries:
Edith Onwuchekwa, Director Legal/Company +234 1 277 0400
Secretary
FTI Consulting
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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END
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