Completion of Subscription

RNS Number : 6596D

Savannah Petroleum PLC

08 July 2016

 

THIS ANNOUNCEMENT AND THE INFORMATION CONTAINED HEREIN IS RESTRICTED AND IS NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, IN WHOLE OR IN PART, DIRECTLY OR INDIRECTLY, IN OR INTO THE UNITED STATES, AUSTRALIA, CANADA, JAPAN, JERSEY, SOUTH AFRICA OR ANY OTHER JURISDICTION IN WHICH SUCH RELEASE, PUBLICATION OR DISTRIBUTION WOULD BE UNLAWFUL.

8 July 2016

Savannah Petroleum PLC

("Savannah", "Savannah Petroleum" or the "Company")

Completion of Subscription

Savannah Petroleum, the Niger focused oil and gas company, is pleased to announce that, further to the Company's announcement yesterday regarding the successful completion of the proposed placing (the "Placing"), Andrew Knott and certain other members of the senior management team, entered into a subscription agreement today to subscribe for, in aggregate, 1,444,318 new ordinary shares of £0.001 each in the Company ("Ordinary Shares") (the "Subscription Shares") on the same terms governing the wider Placing (the "Subscription").

Together, the Placing and the Subscription, have conditionally raised gross proceeds of approximately US$40.0 million.

Similar to the issue of the new Ordinary Shares issued pursuant to the second tranche of the Placing (the "Second Placing Shares"), the issue of the Subscription Shares is also subject to, inter alia, the receipt of shareholder approval and it is intended that they will be admitted to trading on AIM at the same time as the Second Placing Shares on 26 July 2016. A circular and notice of general meeting was posted yesterday to shareholders convening the required general meeting on 25 July 2016 to seek, inter alia, this approval.

Assuming shareholder approval is granted for the issue of the Second Placing Shares and the Subscription Shares, Andrew Knott will be beneficially interested in a total of 24,204,565 Ordinary Shares, representing 8.81 per cent. of the Company's then enlarged ordinary share capital. Andrew Knott is also potentially interested in up to 17,035,204 share options over Ordinary Shares as previously announced on 30 July 2015.

For further information contact:
Savannah Petroleum	[phone]
Andrew Knott, CEO
Jessica Hostage, Corporate Communications
Celicourt Communications	[phone]
Mark Antelme
Jimmy Lea
Mirabaud (Sole Bookrunner, Joint Lead Manager & Broker)	[phone]
Peter Krens
Edward Haig-Thomas
Panmure Gordon (Joint Lead Manager)	[phone]
Adam James Jamie Campbell
Strand Hanson (Nominated Adviser)	[phone]
Rory Murphy
James Spinney
Ritchie Balmer

 

END

 

 

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