Maurel & Prom (“M&P”) has signed a binding agreement to sell its 20.1% stake in Seplat for US$496mm, based on a Seplat share price of 305p/sh. This is a large premium of 19% to the 30th December closing price of 256.5p/sh and is ~150% above where the shares were two years ago. We see this as making strategic sense, as Maurel capitalises on Seplat’s strong performance from an asset where it is only a financial investor and allows it to reinvest these funds into its recently acquired assets as wel ....
