Seplat Energy PLC - oil and gas firm with assets in Nigeria - Notes reports that the Federal High Court sitting in Abuja has granted interim orders against the company and some of its officers. Points out the interim orders - which are yet to be served - primarily restrain the chair, named independent non-executive directors, chief operating officer and company secretary from operating or functioning as officers of Seplat Energy in any capacity.
Says it has filed an appeal and a motion for stay of execution of the orders. Seplat has been advised that the orders cannot be enforced until the Court of Appeal has heard and determined the appeal.
Points out the petition is a third in the series of duplicative petitions filed by purported minority shareholders as part of orchestrated attempts to damage the company in response to its efforts to improve corporate governance. Remains confident that the courts will address these unending litigations on the same subject matter in short order.
Current stock price: 97.50 pence, up 0.3% in London on Thursday
12-month change: down 20%
By Jeremy Cutler, Alliance News reporter
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Seplat Energy (SEPL)