The boards of the two companies had last October 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.
Other resolutions needing the approval of the shareholders had been passed and in notification to the
"The scheme will become effective upon the Court Order being delivered to the Registrar of Companies, which is expected to take place on
Seplat is paying about £382 million for the acquisition Eland, which is an independent oil and gas company focused on production, development and exploration in
The Chief Executive Officer (CEO) of Seplat, Mr.
"Eland is an excellent fit with Seplat and the combination should achieve for us growth and increased profitability, creating value for our shareholders, employees and other stakeholders while offering an attractive upfront premium to Eland Shareholders. The acquisition, made possible by our robust operational platform and headroom in our capital structure, is in line with a key part of our established strategy which is to pursue opportunities in the onshore and offshore areas of
Also, the CEO of Eland,
"Since founding Eland, we have, jointly with our partners in Elcrest, acquired our interests in OML 40, a non-producing asset, achieved an all-time record production on this asset and become a significant independent producer in
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