Completion of Acquisition of Caracal

RNS Number : 7638L

Glencore PLC

08 July 2014

 

Baar, Switzerland                                                                                                      Calgary, Alberta

July 8, 2014

NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION IN WHOLE OR IN PART, IN, INTO OR FROM ANY JURISDICTION WHERE TO DO SO WOULD CONSTITUTE A VIOLATION OF THE RELEVANT LAWS OF SUCH JURISDICTION

Glencore completes acquisition of Caracal

Glencore plc ("Glencore") and Caracal Energy Inc. ("Caracal") announced today that Glencore has completed the acquisition of Caracal.

Alex Beard, Head of Oil of Glencore, said, "Today's completion of our acquisition of Caracal marks a natural progression in the development of Glencore Oil's exploration and production portfolio. Caracal's expertise and knowledge of operating in Chad will strengthen our growing African oil business. The Chad asset brings with it a very exciting programme of development and exploration and we look forward to the next step of unlocking the potential of the Doba and Doseo basins."

Delisting of shares from the London Stock Exchange 

Glencore and Caracal further announce that following an application by Caracal to the UK Listing Authority, the listing of Caracal's common shares on the Official List (the "Shares") are expected to be suspended with immediate effect and will be cancelled with effect from 8.00 a.m. (London time) on July 9, 2014. The Shares are expected to be suspended from trading with immediate effect and will cease to be admitted to trading on the Main Market of the London Stock Exchange with effect from the same time.

Information for shareholders and DI Holders

Shareholders will be entitled to receive payment of £5.50 per share in cash (the "Consideration") following the effective date of the Arrangement.  Shareholders will receive U.S. dollars unless an election is made to receive payment in Canadian dollars or pounds sterling.

Registered shareholders are required to submit a Letter of Transmittal to Computershare Trust Company of Canada, together with the certificate(s) representing shares of Caracal and all other required documents.  For a replacement Letter of Transmittal, contact Computershare Trust Company of Canada toll free at 1-800-564-6253. Registered shareholders must make their currency election in the Letter of Transmittal by no later than 5:00 p.m. (Toronto Time) on July 9, 2014.  Non-registered shareholders should contact their broker, trustee, financial institution, custodian, nominee or other intermediary to confirm matters relating to payment of the Consideration, or if they wish to elect to receive Canadian dollars or pounds sterling.

Holders of depositary interests ("DI Holders") can elect to receive payment in U.S. dollars. If no election is made, DI Holders will be deemed to have elected to receive payment in pounds sterling. DI Holders must submit their currency election through the CREST system by no later than 5:00 p.m. (London Time) on July 9, 2014.

The exchange rate that will be used to convert the Consideration from pounds sterling into Canadian or U.S. dollars, as the case may be, will be the prevailing market rate on the date the funds are converted, which is expected to be on or about July 9, 2014. The risk of any fluctuations in such rates, including risks relating to the particular date and time at which funds are converted, will be solely borne by the shareholder or DI Holder, as the case may be.

For further information regarding the election of currency for the Consideration, please see the management information circular and proxy statement dated May 9, 2014, which is available at www.sedar.com.

For further information please contact:

Investor:

Paul Smith t: [phone] m: [phone] e: [e-mail]

Martin Fewings t: [phone] m: [phone] e: [e-mail]

Elisa Morniroli t: [phone] m: [phone] e: [e-mail]

Media:

Charles Watenphul t: [phone] m: [phone] e: [e-mail]

About Glencore

Glencore is one of the world's largest global diversified natural resource companies. As a leading integrated producer and marketer of commodities with a well-balanced portfolio of diverse industrial assets, we are strongly positioned to capture value at every stage of the supply chain, from sourcing materials deep underground to delivering products to an international customer base.

Glencore's industrial and marketing activities are supported by a global network of more than 90 offices located in over 50 countries. Our diversified operations comprise over 150 mining and metallurgical sites, offshore oil production assets, farms and agricultural facilities. We employ approximately 200,000 people, including contractors.

 

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