Savannah Energy PLC, the British independent energy company has announced a new strategic shareholder, NIPCO, a diversified Nigerian energy conglomerate, onto the company’s register.
In a statement, it said the new investor intends to acquire, for £7.9 million (about 15.3bn), 113,378,685 Ordinary Shares issued as part of the Company’s March 2025 fundraising and expects to acquire a further £9.5 million, 135,674,944 Ordinary Shares through a series of secondary market trades, representing a total investment of approximately £28.7 million in the company and an expected pro forma holding of around 19.4% of the Company’s enlarged share capital (as enlarged by the various proposed share issues referred to in this announcement).
Savannah also announced the intended sale of Ordinary Shares by the Company’s employee benefit trust and issue of new Ordinary Shares to the EBT.
In an update on its operating and unaudited financial performance for the nine months to 30 September 2025, Savannah says its total revenues during the period was US$185.2 million, up 9% compared to the total revenues of US$169.3 million in the first nine months in 2024.
It added that its cash collections rose by 5% to US$241.6 million compared to US$229.3 million in the corresponding period in 2024 while cash balances of US$101.8 million, which as of 31 December 2024 stood at US$32.6 million.
‘Likewise net debt and trade receivables balance continue to see improvements, reducing by 1% and 9%, respectively to 30 September 2025 since YE24. The company’s net debt as of 30 September 2025 stood at US$629.9 million (it was US$636.9 million by 31 December 2024), with Gross debt at US$731.7 million, of which only US$41.4 million (6%) was recourse to PLC. Its Trade Receivables balance as of 30 September 2025 was US$493.3 million, a 9% improvement on year-end 2024 of US$538.9 million.’
According to the update, agreements have been signed with a consortium of five Nigerian banks in respect of an increase in the Accugas debt facility from NGN340 billion (approximately US$222 million) to up to approximately NGN772 billion (approximately US$500 million).