Offer Talks Terminated

RNS Number : 9089E

SEPLAT Petroleum Development Co PLC

13 February 2015

 



NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION IN ANY JURISDICTION WHERE TO DO SO WOULD CONSTITUTE A VIOLATION OF THE RELEVANT LAWS OF SUCH JURISDICTION

FOR IMMEDIATE RELEASE

13 February 2015

SEPLAT Petroleum Development Company plc ("Seplat")

Statement regarding possible combination with Afren plc ("Afren")

The Board of Seplat notes today's announcement by Afren that it has decided not to agree to Seplat's request for a timetable extension, in accordance with Rule 2.6(a) of the UK Takeover Code.

Seplat had completed extensive due diligence on Afren and made a written proposal to the Board of Afren that provided critical and significant near-term liquidity and value for the stakeholders of Afren.

In light of Afren's decision, Seplat confirms that it does not intend to make an offer for Afren.  This announcement is made without Afren's consent.

This announcement is made in accordance with Rule 2.8 of the Code. As a result of this announcement Seplat will, together with any party acting in concert with Seplat, be bound by the restrictions contained in Rule 2.8 of the Code.

Seplat reserves the right to announce an offer or possible offer or make or participate in an offer or possible offer for Afren (and/or take any other action which would otherwise be restricted under Rule 2.8 of the Code) within the next six months following the date of this announcement in the circumstances set out in Note 2 to Rule 2.8 or with the consent of the Panel on Takeovers and Mergers.

In accordance with Rule 30.4 of the Code a copy of this announcement will be available at http://www.seplat.com/

The content of the website referred to in this announcement is not incorporated into and does not form part of this announcement.

Enquiries:

SEPLAT Petroleum Development Company plc Roger Brown, Chief Financial Officer Andrew Dymond, Head of Investor Relations Chioma Nwachuku, GM External Affairs and Communications	[phone] [phone] [phone]
Citi (Financial Adviser and Corporate Broker to Seplat) Tom Reid Jan Skarbek Miguel Azevedo Hamza Girach	[phone]

 

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