Vitol Energy Limited has transferred 4,632,803 ordinary shares to Seplat Petroleum Development Company Plc.
This was revealed in a statement issued and signed by the Company Secretary, Seplat, Edith Onwuchekwa.
What this means: The shares transferred by Vitol to Seplat represent the sale of shares registered in the name of Vitol Energy Limited held for the benefit of Shebah Petroleum Development Company Limited (“Shebah BVI”), which is an entity controlled by Dr. A.B.C. Orjiako and members of his family.
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After the sale, Dr A.B.C. Orjiako will hold a direct interest in 877,501 ordinary shares and together with family members, an indirect interest in 36,941,021 ordinary shares, totalling 37,818,522 (6.43%) ordinary shares of N0.50k each of Seplat, based on the Issued Share Capital of 588,444,561. The remaining 8,167,197 shares held by Vitol Energy Limited will be transferred back to Shebah BVI.
The Breakdown: 877,501 ordinary shares will be held directly by Dr A.B.C. Orjiako while the Indirect holdings of 36,941, 021 ordinary shares consist of:
- 23,441,021 ordinary shares held by Shebah BVI (an entity controlled by Dr. A.B.C Orjiako and members of his family);
- 900,000 ordinary shares held by Pursley Resources Limited (an entity controlled by Dr.Orjiako’s wife); and
- 12,600,000 ordinary shares held directly by Dr A.B.C.Orjiako’ssiblings.
What you should know: In the RNS of 5 August 2019, it was disclosed that Dr Orjiako had a direct interest in 16,151,325 ordinary shares and an indirect interest in 26,300,000 ordinary shares of the Company. The RNS should have stated that Dr Orjiako has a direct interest in 877,501 ordinary shares and an indirect interest in 41,573,824.
The total number of shares of 42,451,325 remains unchanged. The difference of 15,273,824 ordinary shares are held by Shebah BVI and thus are not classified as a direct holding.
The notification was made 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.