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Share Name Share Symbol Market Type Share ISIN Share Description
Savannah Petroleum Plc LSE:SAVP London Ordinary Share GB00BP41S218 ORD GBP0.001
  Price Change % Change Share Price Bid Price Offer Price High Price Low Price Open Price Shares Traded Last Trade
  0.00 0.0% 8.90 8.16 8.98 0.00 01:00:00
Industry Sector Turnover (m) Profit (m) EPS - Basic PE Ratio Market Cap (m)
Oil & Gas Producers 0.0 -19.3 -2.4 - 78

Savannah Energy Plc Results of Placing and Subscription Raising US$65m

30/12/2021 5:53pm

UK Regulatory (RNS & others)


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Savannah Energy Plc

30 December 2021

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

This announcement is not for publication or distribution, directly or indirectly, in or into the United States of America. This announcement is not an offer of securities for sale into the United States. The securities referred to herein have not been and will not be registered under the U.S. Securities Act of 1933, as amended, and may not be offered or sold in the United States, except pursuant to an applicable exemption from registration. No public offering of securities is being made in the United States.

30 December 2021

Savannah Energy PLC

("Savannah", the "Company" or the "Group")

Results of Placing and Subscription Raising US$65 million

Savannah Energy PLC, the British independent energy company focused around the delivery of Projects that Matter in Africa, is pleased to announce the results of its placing (the "Placing") with institutional and other investors, and subscription by certain of the directors (the "Subscription"), as announced at 3.48 p.m. on 30 December 2021, raising gross proceeds, in aggregate, of US$65 million.

A total of 251,623,456 new Ordinary Shares have been placed pursuant to the Placing and Subscription at a price of 19.35 pence per share (the "Placing Price"). The Placing received strong demand and was oversubscribed. As part of the Subscription, five of the Company's six directors subscribed for an aggregate amount of GBP2.8 million at the Placing Price, including a subscription for GBP2.2 million by Savannah's CEO, Andrew Knott.

The net proceeds of the Placing, together with the Debt Financing, the Subscription and the Junior Loan Facility, further details of which are set out in Appendices II and IV of today's earlier announcement, will be used to, inter alia, fund the considerations payable for the Exxon Acquisition and the PETRONAS Acquisition (as defined in the Company's announcements of 13 December 2021).

Following on from earlier announcements, the Company intends to publish an AIM Admission Document in respect of, inter alia, the Exxon Acquisition and the PETRONAS Acquisition by 7.00 a.m. on 31 December 2021, following which point the Ordinary Shares will be restored to trading on AIM, with dealings expected to recommence at 8.00 a.m. tomorrow.

finnCap Ltd and Panmure Gordon (UK) Limited acted as joint bookrunners in relation to the Placing. Strand Hanson Limited is acting as Nominated & Financial Adviser to the Company.

Andrew Knott, CEO of Savannah, said:

"The successful Placing and intended restoration of our shares to trading on AIM tomorrow marks the end of a fantastic year for our company. Not only have we progressed our transformational acquisitions of the Exxon and PETRONAS assets, but our existing business has delivered strongly as well. In Nigeria we have delivered a record financial performance, commenced gas sales to a major new customer, organically upgraded our group 2P reserves by 27% and made significant progress re-financing our existing debt facilities. In Niger we have consolidated and extended our PSCs while also progressing our R3 East Development project plans.

The strong level of support we have received for the Placing has been very encouraging and a clear endorsement of our management team and strategy of delivering Projects that Matter in Africa. I would like to thank our existing shareholders for their continued support and take this opportunity to welcome new investors to Savannah as we look towards the future with confidence. I would also like to take this opportunity to again welcome the incoming employees to Savannah and acknowledge with gratitude the support we have received from our stakeholders in government. Lastly, I would like to thank the ExxonMobil, PETRONAS and Savannah deal and advisory teams for the hard work that has been undertaken to deliver these transactions."

Admission and Total Voting Rights

Application is being made to the London Stock Exchange plc for admission of the Placing Shares and Subscription Shares totalling, in aggregate, 251,623,456 new Ordinary Shares, to trading on AIM, which is expected to take effect at 8.00 a.m. on or around 7 January 2022 ("Admission").

Following Admission, the Company will have 1,248,031,868 Ordinary Shares in issue. The Company does not hold any Ordinary Shares in treasury and accordingly this will be the total number of voting rights in the Company and may be used by Shareholders as the denominator for the calculations by which they determine if they are required to notify their interest in, or change to their interest in, the Company under the FCA's Disclosure Rules and the Transparency Rules. When issued, the Placing Shares and Subscription Shares will rank pari passu with the Existing Ordinary Shares.

 
                                               +44 (0) 20 3817 
 Savannah Energy                                9844 
 Andrew Knott, CEO 
 Nick Beattie, I nterim CFO 
 Sally Marshak, Head of IR & Communications 
 
                                               +44 (0) 20 7409 
 Strand Hanson (Nominated Adviser)              3494 
 James Spinney 
 Ritchie Balmer 
 Rob Patrick 
 
 finnCap Ltd (Joint Broker) 
  Christopher Raggett                          +44 (0) 20 7220 
  Tim Redfern                                   0500 
 
 Panmure Gordon (UK) Ltd (Joint Broker) 
  John Prior 
  Hugh Rich                                    +44 (0) 20 7886 
  James Sinclair-Ford                           2500 
 
                                               +44 (0) 20 3757 
 Camarco                                        4983 
 Billy Clegg 
  Owen Roberts 
  Violet Wilson 
 
 

This announcement contains inside information for the purposes of Article 7 of the Market Abuse Regulation (EU) 596/2014 as it forms part of UK domestic law by virtue of the European Union (Withdrawal) Act 2018 ("MAR").

About Savannah Energy:

Savannah Energy PLC is an AIM listed British independent energy company focused around the delivery of Projects that Matter in Africa. In Nigeria, the Company has controlling interests in the cash flow generative Uquo and Stubb Creek oil and gas fields, and the Accugas midstream business in South East Nigeria, which provides gas enabling over 10% of Nigeria's thermal power generation. In Niger, the Company has licence interests covering approximately 50% of the highly oil prolific Agadem Rift Basin of South East Niger, where the Company has made five oil discoveries and seismically identified a large exploration prospect inventory consisting of 146 exploration targets to be considered for potential future drilling activity. The Company has announced that it is in the process of acquiring a portfolio of upstream and midstream assets in Chad and Cameroon.

Further information on Savannah Energy PLC can be found on the Company's website: www.savannah-energy.com .

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.

RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our Privacy Policy.

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December 30, 2021 12:53 ET (17:53 GMT)

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