Savannah Petroleum PLC Update on Exchange Offer (9771B)

TIDMSAVP

RNS Number : 9771B

Savannah Petroleum PLC

16 January 2018

NOT FOR RELEASE OR DISTRIBUTION OR PUBLICATION IN WHOLE OR IN PART IN OR INTO THE UNITED STATES, AUSTRALIA, CANADA, HONG KONG, JAPAN, NEW ZEALAND OR SINGAPORE

16 January 2018

Savannah Petroleum PLC

("Savannah" or the "Company")

Update on Exchange Offer

Savannah is pleased to provide an update on the timing for the launch and expected completion of the exchange offer to be made by the Company to effect the amendment and purchase of the 10.25 per cent. SSNs (the "Exchange Offer"), as more fully described in the Company's AIM admission document dated 22 December 2017 ("Admission Document"). The Company intends to launch the Exchange Offer in the next 7 days and it will remain open for a period of not less than 10 business days (previously assumed to be 20 business days in the Admission Document, but following advice the Company has been able to shorten this period). As such, the settlement date of the Exchange Offer is still expected to be early February 2018.

Savannah is also pleased to announce that as at 5 p.m. on Friday 12 January 2018, 92.9 per cent. of the holders of Seven's SSNs had acceded to the Lock-up Agreement (vs. 90.2 per cent. as announced on 21 December 2017).

Assuming successful settlement of the Exchange Offer, the Second Tranche Placing Shares and the consideration shares in respect of the Exchange Offer (and the Warrants) are expected to be issued and admitted to trading on AIM shortly thereafter.

Unless otherwise defined, capitalised terms in this announcement have the same meaning ascribed to them in the Company's Admission Document.

 
  For further information contact: 
 Savannah Petroleum                   [phone] 
 Andrew Knott, CEO 
 Isatou Semega-Janneh, CFO 
 Jessica Hostage, VP Strategy 
  & Implementation 
 
 Strand Hanson (Nominated 
  Adviser)                            [phone] 
 James Spinney 
  Rory Murphy 
  Ritchie Balmer 
 Hannam & Partners (Financial 
  Adviser and Joint Broker) 
  Neil Passmore 
  Chris Byrne 
  Samuel Merlin                       [phone] 
 
 PJT Partners (Financial Adviser)     [phone] 
 David Riddell 
 Matthew Slaffer 
 Brad Knudtson 
 
 
 Mirabaud Securities Limited 
  (Joint Broker)                      [phone] 
 Peter Krens 
 Rory Scott 
 
 Celicourt Communications 
  (Financial PR)                      [phone] 
 Mark Antelme 
 Jimmy Lea 
 

The information contained within this announcement is considered to be inside information prior to its release, as defined in Article 7 of the Market Abuse Regulation No. 596/2014, and is disclosed in accordance with the Company's obligations under Article 17 of those Regulations.

This announcement is for informational purposes only and shall does not constitute or form part of any prospectus, offer or invitation to sell or issue or any solicitation of any offer to purchase or subscribe for any securities the United States or in any other jurisdiction, nor shall it (or any part of it), or the fact of its distribution, form the basis of, or be relied upon in connection with, or act as any inducement to enter into, any contract or commitment whatsoever relating to any securities.

Neither this announcement nor any copy of it may be made or transmitted into the United States of America, or distributed, directly or indirectly, in the United States of America. Neither this announcement nor any copy of it may be taken or transmitted directly or indirectly into Australia, Canada or Japan or to any persons in any of those jurisdictions, except in compliance with applicable securities laws. Any failure to comply with this restriction may constitute a violation of United States, Australian, Canadian or Japanese securities laws. The distribution of this announcement in other jurisdictions may be restricted by law and persons into whose possession this announcement comes should inform themselves about, and observe, any such restrictions. This announcement does not constitute, or form part of, an offer to sell, or a solicitation of an offer to purchase, any securities in the United States of America, Australia, Canada or Japan or in any jurisdiction in which such offer or solicitation is unlawful.

The securities have not been and will not be registered under the U.S. Securities Act of 1933, as amended (the "Securities Act"), or with any securities regulatory authority of any state or other jurisdiction of the United States. The securities may not be offered or sold in the United States except pursuant to an exemption from, or in a transaction not subject to, the registration requirements of the Securities Act and applicable state securities laws. There will be no public offer of the securities in the United States. The securities referred to herein have not been registered under the applicable securities laws of, Canada, Australia or Japan or and, subject to certain exceptions, may not be offered or sold within Canada, Australia or Japan or to any national, resident or citizen of Canada, Australia or Japan.

Forward-looking statements

This announcement contains statements that constitute forward-looking statements, beliefs or opinions, including statements relating to business, financial condition and results of operations of Savannah. All statements regarding the future involve known and unknown risks and uncertainties and various factors could cause actual future results, performance or events to differ materially from those described or implied in these statements. Further, certain forward-looking statements are based upon assumptions of future events which may not prove to be accurate and Savannah does not accept any responsibility for the accuracy of the opinions expressed in this announcement or the underlying assumptions. The forward-looking statements in this announcement speak only as at the date of this announcement and Savannah and its affiliates expressly disclaim any obligation or undertaking to review or release any updates or revisions to these forward-looking statements to reflect any change in Savannah's expectations with regard thereto or any change in events, conditions or circumstances on which any statement is based after the date of this announcement or to update or to keep current any other information contained in this announcement or to provide any additional information in relation to such forward-looking statements, unless required to do so by applicable law.

This information is provided by RNS

The company news service from the London Stock Exchange

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January 16, 2018 02:00 ET (07:00 GMT)