April 10, 2018 / 6:18 AM / 8 months ago

BRIEF-Vivo Energy to float on London and Johannesburg Stock Exchanges

April 10 (Reuters) -

* VIVO ENERGY ANNOUNCES INTENTION TO FLOAT ON THE LONDON STOCK EXCHANGE AND THE JOHANNESBURG STOCK EXCHANGE

* VIVO ENERGY IS EXPECTED TO BE ADMITTED TO MARKET IN MAY 2018 AND IS SUBJECT, AMONGST OTHER FACTORS, TO MARKET CONDITIONS

* VIVO ENERGY INTENDS TO APPLY FOR ADMISSION OF ITS SHARES TO PREMIUM LISTING SEGMENT OF OFFICIAL LIST OF FCA AND TO TRADING ON MAIN MARKET FOR LISTED SECURITIES OF LSE AND FOR ADMISSION OF ITS SHARES TO LISTING AND TRADING AS A SECONDARY INWARD LISTING ON MAIN BOARD OF JSE

* DOWN OF EXISTING SHARES BY SELLING SHAREHOLDERS, WITH NO PROCEEDS TO COMPANY

* COMPANY EXPECTS TO HAVE A FREE FLOAT FOLLOWING ADMISSION OF AT LEAST 25% AND IT IS EXPECTED THAT COMPANY WILL BE ELIGIBLE FOR INCLUSION IN FTSE UK INDICES

* VIVO ENERGY DIRECTORS BELIEVE OFFER AND ADMISSION WILL ENABLE IMPROVED ACCESS TO CAPITAL MARKETS, THEREBY STRENGTHENING GROUP’S ABILITY TO EXECUTE ITS GROWTH STRATEGY SUCCESSFULLY

* A NEW REVOLVING CREDIT FACILITY WILL ALSO BE MADE AVAILABLE TO VEI TO SUPPORT ITS AND GROUP’S WORKING CAPITAL REQUIREMENTS

* PRIOR TO ADMISSION JOHN DALY WILL BE APPOINTED AS CHAIRMAN OF COMPANY (Reporting by Dasha Afanasieva)

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