LONDON (Alliance News) - SEPLAT Petroleum Development Company PLC said Tuesday that it will receive approximately GBP20 million following an over-allotment option over 10 million shares.
The Nigeria-focused independent oil and gas company said that it is set to receive net proceeds of approximately GBP20 million after the Joint Global Coordinators exercised an over-allotment option over 10,026,183 Ordinary Shares, representing 97% of the over-allotment option granted by the Company in connection with the Global Offer.
The company said it will receive the funds on the over-allotment closing date on or around May 6, 2014.
SEPLAT announced its IPO in March that it would become the first Nigerian company to list its shares on both the London Stock Exchange and on the Nigerian Stock Exchange in Lagos.
BNP Paribas and Standard Bank plc are acting as joint co-ordinators and joint bookrunners on the so-called global offer, while Renaissance Securities (Cyprus) Limited, Citigroup Global Markets Limited and RBC Capital Markets are acting as joint bookrunners. Renaissance Securities (Nigeria) Limited and Stanbic IBTC Capital Limited have been appointed as Nigerian joint issuing houses in relation to the Nigerian Offering.
Shares in SEPLAT were trading marginally higher Tuesday afternoon, up 1.12% at 234.60 pence per share.
By Alice Attwood; aliceattwood@alliancenews.com; @AliceAtAlliance
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Seplat Energy (SEPL)