AIM Schedule One - Savannah Energy PLC (8149H)
November 28 2022 - 11:30AM
UK Regulatory
TIDMSAVE
RNS Number : 8149H
AIM
28 November 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: GBP300 million
(based on the mid-market closing price of an Ordinary Share
of GBP0.23 on 25 November 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 - Proposed Independent 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):
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:
TBC
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:
28 November 2022
NEW/ UPDATE:
New
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