NIPCO Plc’s ownership stake in Savannah Energy Plc has increased above the key 30 per cent threshold.
This follows the completion of Savannah’s on-market share buyback programme, despite NIPCO making no additional share purchases.
In a statement on Thursday, Savannah Energy announced that it had repurchased 32.1 million ordinary shares at 6.8 pence per share, for approximately £2.18 million, with the shares due to be cancelled imminently.
The reduction in the Company’s issued share capital has had the effect of increasing NIPCO’s proportional interest in the business.
It noted that as of February 5, 2026, NIPCO was interested in 631.5 million ordinary shares in the company, representing approximately 30.23 per cent of the company’s voting share capital on an adjusted basis.
It also noted that the holding includes approximately 1.7 million shares held through Purebond Limited.
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“The 30% threshold was crossed as a result of the Buyback Programme (rather than through NIPCO acquiring further interests in shares) and, accordingly, in accordance with Note 1 on Rule 37.1 of the City Code on Takeovers and Mergers,” Savannah Energy said.
The British independent energy has on January 13 the completion of a deal that allows NIPCO to raise its ownership stake in the company to 26.5 per cent, Pinnacle Daily reported.
This organisation has earlier on December 30, 2025, also reported that NIPCO, a Nigerian independent petroleum company, proposed a transaction to increase its stake in Savannah Energy to 26.5 per cent.
In the latest update, Savannah Energy maintained that the increase above the 30 per cent threshold was triggered solely by the buyback and cancellation of shares, rather than by any active acquisition by NIPCO.
As a result, under Note 1 on Rule 37.1 of the UK Takeover Code, NIPCO is not required to make a mandatory offer for Savannah Energy.
On a registered basis, NIPCO and Purebond currently hold approximately 27.93 per cent of Savannah Energy’s voting share capital.
This will rise to approximately 30.23 per cent, around 48.15 million shares acquired by NIPCO.
Savannah Energy added that with NIPCO’s interest now above 30 per cent but below 50 per cent, the company is restricted under Rule 9 of the Takeover Code from acquiring further voting shares in unless it is prepared to make a mandatory offer to all shareholders.
Alex is a business journalist cum data enthusiast with the Pinnacle Daily. He can be reached via ealex@thepinnacleng.com, @ehime_alex on X
