30th Dec 2021 18:11
Savannah Energy PLC - African‑focused energy company - Completes placing and subscription, raising USD65 million. Savannah issued 251.6 million new shares priced at 19.35 pence each as part of the oversubscribed placing. 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 Chief Excevutive Andrew Knott. The USD65 million raise is intended to progress its planned acquisitions of ExxonMobil Corp's and Petronas's assets in Chad and Cameroon. On December 13, Savannah announced it had signed separate share purchase agreements to acquire assets from Exxon Mobil and Petronas for a combined value of USD626 million.
Chief Executive Knott comments: "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."
Current stock price: 19.35p
Year-to-date change: up 41%
By Will Paige; [email protected]
Copyright 2021 Alliance News Limited. All Rights Reserved.
Related Shares:
Savannah Energy