Talks regarding an offer from Seplat have ended
- Received a highly preliminary approach from SEPLAT Petroleum Development Company plc ("Seplat") regarding a possible combination with Afren.
In accordance with Rule 2.6(a) of the UK Takeover Code (the "Code"), and further to Afren's announcement on 30 January 2015, Seplat was required, by not later than 5.00 p.m. on 13 February 2015 (the "Deadline"), to either announce a firm intention to make an offer for Afren under Rule 2.7 of the Code or announce that it does not intend to make an offer for Afren, in which case the announcement will be treated as a statement to which Rule 2.8 of the Code applies. Seplat has requested an extension to the Deadline.
- The Board has not received any proposal from Seplat that it believes is capable of being implemented on terms satisfactory to all relevant stakeholders in the Company, including the indicated value being significantly below the aggregate value of the debt of the Company.
- Board has concluded that continuing discussions with Seplat is not in the best interests of the Company's stakeholders and will not agree to Seplat's request for an extension of the Deadline
- Company is also having discussions with its existing stakeholders and new third party investors regarding recapitalising the Company.
From: LAURENT CHEKROUN (MAKOR SECURITIES LLP) At: Feb 13 2015 14:58:27
Subject: >>> AFren - AFR LN - Talks regarding an offer have ended - sources
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