Savannah Petroleum PLC Update on Exchange Offer (9771B)
January 16 2018 - 2:00AM
UK Regulatory
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 +44 (0) 20 3817 9844
Andrew Knott, CEO
Isatou Semega-Janneh, CFO
Jessica Hostage, VP Strategy
& Implementation
Strand Hanson (Nominated
Adviser) +44 (0) 20 7409 3494
James Spinney
Rory Murphy
Ritchie Balmer
Hannam & Partners (Financial
Adviser and Joint Broker)
Neil Passmore
Chris Byrne
Samuel Merlin +44 (0) 20 7907 8500
PJT Partners (Financial Adviser) +44 (0) 20 3650 1100
David Riddell
Matthew Slaffer
Brad Knudtson
Mirabaud Securities Limited
(Joint Broker) +44 (0) 20 7878 3362
Peter Krens
Rory Scott
Celicourt Communications
(Financial PR) +44 (0) 20 7520 9266
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
END
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