TIDMSEPL

RNS Number : 3188N

Seplat Petroleum Development Co PLC

19 May 2020

Seplat Petroleum Development Company Plc

("Seplat" or "the Company")

ANNOUNCEMENT ON TAX IMPLICATIONS OF 2019 FINAL DIVIDEND

Lagos and London - 19 May 2020: Further to the corporate actions announcement made on 23 March 2020, wherein Seplat declared a final dividend of US$0.05 (United States Five Cents) per ordinary share; shareholders are hereby advised that following the amendment of the finance laws in Nigeria - Finance Act, 2020 (dividends paid out of after tax petroleum profits are now subject to With Holding Tax (WHT)), the dividend of US$0.05 (United States Five Cents) per ordinary share will be subject to a WHT rate of 10%.

For shareholders that are tax resident in countries with a Double Tax Treaty (DTT) with Nigeria, a reduced rate of 7.5% will be applicable. However, there is a requirement for the shareholder to prove to the Federal Inland Revenue Service (FIRS) their tax residency in the foreign country as the ultimate beneficiary of the dividend and apply for the treaty rate of 7.5%. Shareholders from treaty nations should notify the Company's registrars- Computershare (London register) and Datamax (Lagos register) as applicable, that they are subject to the lower WHT by filling and submitting the qualification form available on the Company website by 27 May 2020: https://seplatpetroleum.com/investors/dividend/

We recommend that shareholders consult with their professional advisers regarding the application for this treaty benefit of a reduced WHT rate.

For information on tax treaties and related forms; visit https://www.firs.gov.ng/TaxResources/TaxTreaties

For information on the Finance Act, 2020; visit https://www.firs.gov.ng/TaxResources/FinanceAct2019

The timetable released on 23 March 2020 remains unchanged.

- ENDS -

Enquiries

 
 Seplat Petroleum Development Company Plc 
 Roger Brown, CFO                             +44 (0) 203 725 6500 
 Carl Franklin, Head of Investor Relations 
 Ayeesha Aliyu, Investor Relations            +234 (0) 1 277 0400 
 Chioma Nwachuku, GM - External Affairs 
  and Communications 
 
 FTI Consulting 
 Ben Brewerton / Sara Powell                  +44 (0) 203 727 1000 
                                              seplat@fticonsulting.com

Notes to editors

Seplat Petroleum Development Company Plc is a leading indigenous Nigerian oil and gas exploration and production company with a strategic focus on Nigeria, listed on the Main Market of the London Stock Exchange ("LSE") (LSE:SEPL) and Nigerian Stock Exchange ("NSE") (NSE:SEPLAT).

Seplat is pursuing a Nigeria focused growth strategy and is well-positioned to participate in future divestment programmes by the international oil companies, farm-in opportunities and future licensing rounds. For further information please refer to the company website, http://seplatpetroleum.com/

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.

END

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May 19, 2020 02:00 ET (06:00 GMT)

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