2nd Jun 2009 07:00
THIS IS NOT AN OFFER FOR THE SALE OF SECURITIES. NOT FOR RELEASE OR DISTRIBUTION IN OR INTO THE UNITED STATES, CANADA OR JAPAN
2 June 2009
Intended disposal of certain of IPIC's interests in Barclays PLC
H.E. Khadem Al Qubaisi, Managing Director of International Petroleum Investment Company ("IPIC") announces the intended disposal of certain of IPIC's interests in Barclays PLC ("Barclays").
PCP Gulf Invest 1 Limited, a wholly-owned (indirect) subsidiary of IPIC, holds 9.75 percent Mandatorily Convertible Notes due 30 September 2009 of Barclays Bank PLC ("MCNs"). PCP Gulf Invest 1 Limited intends to dispose of the ordinary shares of Barclays for which the MCNs are exchangeable by means of an accelerated bookbuild. The MCNs owned by PCP Gulf Invest 1 Limited are convertible into 1.3 billion shares of Barclays PLC.
In addition, PCP Gulf Invest 2 Limited, a wholly-owned (indirect) subsidiary of IPIC, is considering the disposal of its 14 per cent. Step Up Callable Reserve Capital Instruments of Barclays Bank PLC ("RCIs"). PCP Gulf Invest 2 Limited owns a total of GBP1.25bn of RCIs.
Credit Suisse Securities (Europe) Limited is acting as sole bookrunner with respect to the potential disposals and has commenced bookbuilding for the ordinary shares. It is anticipated that the books will close on or before 3 June 2009. Final terms for the disposal will be announced in due course.
His Excellency also confirms that as regards IPIC's indirect interest in the warrants of Barclays issued to IPIC's wholly-owned (indirect) subsidiary, PCP Gulf Invest 3 Limited on 31 October 2008, there is no current intention to exercise, sell in the market or hedge any such warrants.
H.E. Khadem Al Qubaisi also said: "IPIC has a high regard for Barclays, and great confidence in its management team and ongoing strategy. The Emirate of Abu Dhabi intends to maintain a close commercial and strategic relationship with Barclays in the future. The decision to dispose of some of its interests in Barclays reflects the focus of IPIC's long-term investment strategy on hydrocarbon-related opportunities."
John Varley, Group Chief Executive, Barclays, said: "In the period since IPIC and the government of Abu Dhabi took a position in Barclays in 2008 through the purchase of MCNs and RCIs we have been able to broaden our strategic and commercial relationship, and we look forward to strengthening this further going forward."
IPIC is wholly-owned by the Government of the Emirate of Abu Dhabi, and is primarily focused on investing in the hydrocarbon sector outside the Emirate of Abu Dhabi. IPIC is run by an independent Board of Directors. Throughout its 20 year history, IPIC has benefited from the support and far-sighted vision of Abu Dhabi's leadership. H.H. Sheikh Mansour Bin Zayed Al Nahyan, as Chairman of IPIC, has personally directed the company's progress towards the realisation of its goals.
Contact:
David Forbes
Adviser to the Managing Director
International Petroleum Investment Company
+971 (0)2 417 6691
This announcement is directed only at persons (i) who are outside the United Kingdom or (ii) who have professional experience in matters relating to investments falling within Article 19(5) of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005, as amended (the "Order") or (iii) who fall within Article 49(2)(a) to (d) of the Order or (iv) to whom this announcement may otherwise be directed without contravention of section 21 of the Financial Services and Markets Act 2000 (all such persons together being referred to as "Relevant Persons"). This announcement is directed only at Relevant Persons and must not be acted on or relied on by persons who are not Relevant Persons. Any investment or investment activity to which this Announcement relates is available only to Relevant Persons and will be engaged in only with Relevant Persons.
This announcement is not an offer of securities for sale in the United States. Securities may not be sold in the United States unless they are registered or are exempt from registration. IPIC does not intend to register any portion of this offering in the United States or conduct a public offering in the United States. Any public offering of securities in the United States will be made by means of a prospectus that will contain detailed information about Barclays PLC and its management, as well as financial statements. Copies of this announcement are not being, and should not be, distributed in or sent into the United States.
Credit Suisse, which is authorised and regulated in the United Kingdom by the Financial Services Authority, is acting for IPIC in connection with the contemplated disposals and no-one else and will not be responsible to anyone other than IPIC for providing the protections afforded to clients of Credit Suisse, nor for providing advice in relation to the contemplated disposals.
Related Shares:
Barclays