Results of the Court Meeting and General Meeting

Source Press Release
Company Eland Oil & Gas PLCSeplat Petroleum Development Company Plc 
Tags Corporate Deals, Deals, Upstream Activities
Date November 20, 2019

On 15 October 2019, the boards of Eland and Seplat announced that they had reached agreement on the terms of a recommended cash acquisition by Seplat of the entire issued and to be issued ordinary share capital of Eland. The Acquisition is to be implemented by means of a scheme of arrangement under Part 26 of the Companies Act 2006 which requires the approval of the Scheme Shareholders and the sanction of the Court. A scheme document was posted to Eland Shareholders on 28 October 2019 setting out the terms of the Acquisition (the "Scheme Document").

A Court Meeting and General Meeting were held today at the offices of Mayer Brown International LLP, 201 Bishopsgate, London EC2M 3AF to consider and approve the resolutions in relation to the Scheme.

Eland and Seplat are pleased to announce that at the Court Meeting and the General Meeting convened in relation to the proposed Scheme held today at 10.00 a.m. and 10.24 a.m., respectively, all the proposed resolutions were duly passed by the requisite majorities. Full details of the resolutions are set out in the notices of the Court Meeting and the General Meeting contained in the Scheme Document.

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