2nd Jul 2008 07:17
ANNOUNCEMENT OF MANDATORY OFFER
By Philex Petroleum Corporation
For Shares of Stocks in Forum Energy Plc ("FEP")
Philex Petroleum Corporation ("PPC") hereby announces that following the acquisition yesterday of 4,004,000 FEP ordinary shares, representing approximately 13.94% of the outstanding shares in FEP, at a price of 48 pence for each FEP ordinary shares, it is required to make a mandatory cash offer in accordance with Rule 9 of the City Code on Takeovers and Mergers (the "Code"). The offer will be 48 pence in cash for each FEP ordinary shares.
PPC is a company organized under Philippine law and is owned 51% by Philex Mining Corporation ("PMC"). Amongst other assets PMC currently owns 51% of FEC Resources Inc. ("FEC"), a company listed in NASD OTC Bulletin Board (FECOF) and the Frankfurt and Munich Stock Exchange (FEB). PPC and FEC are therefore presumed to be acting in concert for the purpose of the Code. Among the assets of FEC is a shareholding in FEP of approximately 29.78%.
Further details of the mandatory offer will be contained in the offer document to be sent to shareholders of FEP in due course.
July 2, 2008.
PHILEX PETROLEUM CORPORATION
Related Shares:
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