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…company’s share capital increases to 588,444,561 ordinary shares
Iheanyi Nwachukwu
Seplat Petroleum Development Company Plc has listed an additional 25,000,000 ordinary shares (approximately 4.4percent of existing shares) on the Nigerian Stock Exchange (NSE).
This listing made in accordance with Rule 14 of the Nigerian Stock Exchange Amended Listing Rules and Article 17 – 19 of the UK Market Abuse Regulations 2016 has effectively taken the company’s share capital to 588,444,561 ordinary shares of 50kobo each.
The shares all have voting rights and are particularly allotted to the Management and Directors of SEPLAT in furtherance of the Company’s Long-Term Incentive Plan. Stanbic IBTC Trustees Limited is the Custodian to the shares.
The corporate action is fully within the jurisdiction of the powers granted to the Board of Directors by the company’s shareholders at the Annual General Meeting (AGM) held on June 30, 2014 –to implement the Initial Public Offer (IPO) award and other remuneration of the top Management and Directors as disclosed in the IPO Prospectus.
Tominiyi Ramon, equity research analysts at Vetiva Capital said due to the increased number of Seplat shares arising from the additional listing, “our per share forecasts have been revised. Following the update, our full year (FY) 2018 earnings per share (EPS) now stands at $0.24 (Previous: $0.25, FY’2017 Expected: $0.06)”.
