Stmnt re Share Price Movement

RNS Number : 0961N

Cadogan Petroleum PLC

04 June 2010

 



4 June 2010

FOR IMMEDIATE RELEASE

Cadogan Petroleum plc

STATEMENT RE SHARE PRICE MOVEMENT

The Board of Cadogan Petroleum plc ("Cadogan" or the "Company") notes the recent movement in the Company's share price. The Board confirms that it has received a preliminary, highly conditional proposal contemplating a partial offer for 51% of the Company's shares. The proposal contemplates an offer of 16 pence per share in cash for those shares acquired through the partial offer and subject to certain conditions the right to receive a further amount, being approximately 50% of any net amounts received over time as a result of the Company's legal settlement with Global Processing Systems LLC.

This announcement has not been made with the agreement or approval of the potential offeror.

Discussions are at a very preliminary stage and there can be no certainty that an offer will be made nor as to the terms on which any offer might be made.

Disclosure requirements of the Takeover Code (the "Code") 

Under Rule 8.3(a) of the Code, any person who is interested in 1% or more of any class of relevant securities of an offeree company or of any paper offeror (being any offeror other than an offeror in respect of which it has been announced that its offer is, or is likely to be, solely in cash) must make an Opening Position Disclosure following the commencement of the offer period and, if later, following the announcement in which any paper offeror is first identified. An Opening Position Disclosure must contain details of the person's interests and short positions in, and rights to subscribe for, any relevant securities of each of (i) the offeree company and (ii) any paper offeror(s). An Opening Position Disclosure by a person to whom Rule 8.3(a) applies must be made by no later than 3.30 pm (London time) on the 10th business day following the commencement of the offer period and, if appropriate, by no later than 3.30 pm (London time) on the 10th business day following the announcement in which any paper offeror is first identified. Relevant persons who deal in the relevant securities of the offeree company or of a paper offeror prior to the deadline for making an Opening Position Disclosure must instead make a Dealing Disclosure.

Under Rule 8.3(b) of the Code, any person who is, or becomes, interested in 1% or more of any class of relevant securities of the offeree company or of any paper offeror must make a Dealing Disclosure if the person deals in any relevant securities of the offeree company or of any paper offeror. A Dealing Disclosure must contain details of the dealing concerned and of the person's interests and short positions in, and rights to subscribe for, any relevant securities of each of (i) the offeree company and (ii) any paper offeror, save to the extent that these details have previously been disclosed under Rule 8. A Dealing Disclosure by a person to whom Rule 8.3(b) applies must be made by no later than 3.30 pm (London time) on the business day following the date of the relevant dealing.

If two or more persons act together pursuant to an agreement or understanding, whether formal or informal, to acquire or control an interest in relevant securities of an offeree company or a paper offeror, they will be deemed to be a single person for the purpose of Rule 8.3.

 

END

 

 

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