A.B.C Orjiako, the billionaire chairman of Seplat Petroleum Development Company Plc is richer by N1.8billion (£3.99million) after selling 3.5million units of ordinary shares at £1.14 per share, which he indirectly held in the company.
The transaction was done in London, United Kingdom on August 1, 2019.
Following the share sale, Orjiako now holds a direct interest in 16.151million ordinary shares and an indirect interest in 26.3million ordinary shares of the Company totaling 42.45million shares which equates to a voting interest of 7.21percent (based on Issued Share Capital of 588.44million.
Analysis of the company’s share structure as at December 2018 indicates that 16.15mn ordinary shares were held directly by A.B.C. Orjiako and Shebah Petroleum Development Company Limited while 29.8million shares were held indirectly.
The sold shares are registered in the name of Vitol Energy Limited held for the benefit of Shebah Petroleum Development Company Limited, which is an entity controlled by A.B.C. Orjiako and members of his family.
The company notified the Nigeria Stock Exchange (NSE) on Monday about the share transaction in accordance with Rule 12 of the Amendments to the Listing Rules of the Nigerian Stock Exchange and Article 19 of the EU Market Abuse Regulations.
Further breakdown of the indirect shares shows show 16.3million ordinary shares are held by Vitol Energy Limited for the benefit of Shebah Petroleum Development Company Limited, which is an entity controlled by A.B.C. Orjiako and members of his family; 900,000 ordinary shares are held by Pursley Resources Limited, a company owned by A.B.C’s wife; and 12.6million ordinary shares are held directly by A.B.C. Orjiako’s siblings.
The first-half (H1) 2019 results of Seplat further emphasises its strong cash generation potential even as it targets both organic, inorganic opportunities in the Oil& Gas industry to grow shareholder returns.
Iheanyi Nwachukwu and Olufikayo Owoeye
