Seplat notifies NSE of insider share sale
Adesola Afolabi was a businessamlive reporter and Head of Financial desk.
Seplat Petroleum Development Company PLC (Seplat) Friday notified the Nigerian Stock Exchange (NSE) of an insider share deal in a public disclosure of transactions by persons discharging managerial responsibilities and persons closely associated with them.
According to the notice, Michael Alexander, a senior independent non-executive director of the company bought 95,238 shares of Seplat Petroleum Development stock in a transaction put on sale by Lexican Consulting Limited, a company wholly owned by Alexander.
This transaction was stated to have taken place in London, United Kingdom on Wednesday, August 29th.
Details of the UK transaction showed that the shares were sold at an average price of GBX 136 ($1.75), for a total value of £129,523.68 ($167,084.21).
The Seplat’s notice also explained that the transaction has not resulted in a change of beneficial ownership, with Alexander continuing to hold a direct interest in 115,238 ordinary shares, which equates to a voting interest of 0.019 percent (based on Issued Share Capital of 588,444,561).
At the London Stock Exchange, Seplat’s share price remained flat at GBX 138.50 ($1.79) during mid-day trading on Friday.
The company’s stock had a trading volume of 4,528 shares, compared to its average volume of 75,063.
At the Nigerian Stock Exchange, the stock also remained flat at N650 with only two trades carried out in the volume of 2,200 worth N126,000.
Seplat Petroleum Development Company Plc. is an oil and gas company, which explores develops and produces oil and gas in Nigeria.
It operates a portfolio of assets in the Niger Delta region, including a 45 percent interest in the OML 4 that covers an area of 267 square kilometers; a 45 percent interest in OML 38 that covers an area of 2,094 square kilometers; and a 45 percent interest in OML 41 that covers an area of 291 square kilometers.