More details of Heirs Energies’ huge stake in Seplat emerge

Seplat Energy Plc has revealed more details of Heirs Energies Limited’s acquisition of a 20.07 per cent holding in the oil and gas company.

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Heirs Energies, which is chaired by Tony Elumelu, the Chairperson of Transcorp Group and United Bank for Africa, had late last year completed the deal involving the purchase of 120.4 million shares at GBP3.05 per share, valuing the transaction at roughly $500 million.

Afreximbank and Africa Finance Corporation financed the deal.

Heirs Energies bought the stake from Maurel & Prom S.A., a French oil and gas firm specialising in hydrocarbon exploration and production. Seplat is listed on the main market of the London Stock Exchange and on the Premium Board of the Nigerian Exchange (NGX).

In a regulatory filing at the NGX, Seplat put the total voting rights held by Heirs Energies in the company at 120.4 million.

The 20.07 per cent interest is held by two ultimate controlling entities – Heirs Energies Limited (3.658 per cent) and Heirs Holdings Limited (16.412 per cent), with Barclays Bank Plc serving as the controlled undertaking for the two entities, according to the statement.

While the 3.658 per cent translates to 21.9 million voting rights, the 16.412 per cent is equivalent to 98.5 million voting rights.

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In case of proxy voting, Samuel Nwanze will serve as the proxy holder for Heirs Energy’s 3.658 per cent stake, and will hold the voting rights indefinitely “until notified otherwise,” the document further stated.

ALSO READ: Elumelu’s Heirs Energies acquires 20.07% stake in Seplat in $500 million transaction

Emmanuel Nnorom is the proxy holder for Heirs Holdings’ 16.412 per cent stake, and will also hold the rights indefinitely “until notified otherwise.”

Heirs Energies operates Oil Mining Lease (OML) 17 in the Niger Delta, with a daily output of 50,000 barrels of oil and 120 million cubic feet of gas.

The company said the reserves base of OML 17 stands at more than 1.5 billion barrels of oil and 2.5 trillion cubic feet of gas, adding that it provides fuel for over 400 megawatts of electricity generation in the country.