BRIEF-Eland Oil & Gas Says Reached Agreement With Seplat For Acquisition Of Co

Published 15/10/2019, 07:54
Updated 15/10/2019, 08:00
© Reuters.  BRIEF-Eland Oil & Gas Says Reached Agreement With Seplat For Acquisition Of Co

Oct 15 (Reuters) - Eland Oil & Gas PLC ELA.L :

* SEPLAT PETDEVCOM PLC ELAND OIL & GAS PLC - RECOMMENDED

ACQUISITION

* ELAND OIL & GAS - REACHED AGREEMENT ON TERMS OF A

RECOMMENDED

CASH ACQUISITION OF ENTIRE SHARE CAPITAL OF ELAND BY SEPLAT

* ELAND OIL & GAS PLC - ACQUISITION VALUES ENTIRE ISSUED AND

TO BE

ISSUED ORDINARY SHARE CAPITAL OF ELAND AT £382 MILLION ON A

FULLY DILUTED BASIS

* ELAND OIL & GAS PLC - EACH ELAND SHAREHOLDER WILL BE

ENTITLED TO

RECEIVE FOR EACH ELAND SHARE 166 PENCE IN CASH

* ELAND OIL & GAS PLC - ELAND DIRECTORS UNANIMOUSLY INTEND

RECOMMEND THAT ELAND SHAREHOLDERS VOTE IN FAVOUR OF SCHEME AT

COURT MEETING

* ELAND OIL & GAS PLC - CASH CONSIDERATION PAYABLE UNDER

DEAL IS

BEING FUNDED VIA COMBINATION OF EXISTING CASH RESOURCES OF

SEPLAT, NEW LOAN FACILITY

* ELAND OIL & GAS - REACHED AGREEMENT ON TERMS OF A

RECOMMENDED

CASH ACQUISITION OF ENTIRE SHARE CAPITAL OF ELAND BY SEPLAT

Source text for Eikon: ID:nRSO8881Pa

Further company coverage: ELA.L

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