11th Sep 2008 07:00
Philex Petroleum Corporation
11 September 2008 FOR IMMEDIATE RELEASE
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
CASH OFFER
BY
PHILEX PETROLEUM CORPORATION
FOR
FORUM ENERGY PLC
Offer Closed
Following the announcement made on 19 August 2008, notice is given that the offer made by Philex Petroleum Corporation for Forum Energy in an offer document dated 30 July 2008 is now closed and that Forum Energy Shareholders who have not yet validly accepted the Offer are no longer able to do so.
As at 3.00 p.m. on 18 August 2008, PPC and its Associates owned a total of 12,554,200 Forum Energy Shares representing approximately 43.73 per cent. of Forum Energy's then issued share capital. As at 3.00 p.m. on 18 August 2008, valid acceptances had been received in respect of 1,852,107 Forum Energy Shares representing approximately 6.45 per cent. of Forum Energy's then issued share capital. Consequently PPC and its Associates either owned, or had received valid acceptances in respect of, a total of 14,406,307 Forum Energy Shares, representing approximately 50.18 per cent. of Forum Energy's then issued share capital and accordingly the Offer had become unconditional on 18 August 2008.
As at 1.00 p.m. on 10 September 2008 being the next closing date of the Offer as announced on 19 August 2008, PPC and its Associates had received valid acceptances in respect of 5,929,311 Forum Energy Shares representing approximately 19.71 per cent. of Forum Energy's issued share capital. Consequently, PPC and its Associates either own, or have received valid acceptances in respect of, a total of 18,483,511 Forum Energy Shares, representing approximately 61.44 per cent. of Forum Energy's issued share capital.
For those Forum Energy Shareholders who validly accepted the Offer prior to 1.00 p.m. on 10 September 2008, settlement will be effected within 14 calendar days of receipt of such valid acceptances.
Terms defined in the offer document dated 30 July 2008 shall have the same meanings in this announcement.
Enquiries
Philex Petroleum Corporation Tel: +632 746 8755 Renato N. Migriño Fax: +632 631 9498 acting CFO of Philex Petroleum Corporation
Evolution Securities Limited Tel: +44 (0) 20 7071 4300 Stuart Andrews, Neil Elliot
Evolution Securities Limited, which is authorised and regulated in the United Kingdom by the Financial Services Authority, is acting exclusively for PPC and no one else in connection with the matters described in this announcement and is not advising any other person and accordingly will not be responsible to any person other than PPC for providing the protections afforded to clients of Evolution Securities Limited or for providing advice in relation to the matters described in this announcement.
Related Shares:
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