Court of Appeal suspends Interim Court Orders

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 the 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 Secretary

+234 1 277 0400

 

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 Silver

+44 207 597 4000

 

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/

 

 

 

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.

RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our Privacy Policy.
 
END
 
 
UK 100

Latest directors dealings