The Company received a notification on 3 September 2019 of a transfer of 904,717 ordinary shares held directly by Austin Avuru, the CEO of the Company, to Professional Support Limited, an entity wholly controlled by Mr. Avuru.
The above transaction has not resulted in a change in beneficial ownership, which remains at 12.19% (Professional Support holds 31,068,211 shares (5.28%) and Platform Petroleum holds 40,659,695 shares (6.91%), based on the Issued Share Capital of 588,444,561). Mr. Avuru now holds nil direct interest and an indirect interest of 71,727,906 ordinary shares of N0.50k each of the Company.
Further details of the transaction are set out in the attached Notification and Public Disclosure of Transactions by Persons Discharging Managerial Responsibilities and Persons Closely Associated with them.
This notification is made in accordance with Rule 12 of the Amendments to the Listing Rules of the Nigerian Stock Exchange and Article 19 of the EU Market Abuse Regulations.