9th Oct 2009 12:31
Emerald Energy Plc
For Immediate Release
09 October 2009
Holdings in Company
Emerald Energy Plc (the "Company") received notification on 7 October 2009 from Credit Suisse Securities (Europe) Limited ("Credit Suisse"), that as at 6 October 2009, it held voting rights in 4,962,850 ordinary shares of 10p each in the Company, representing approximately 7.91 per cent of the Company's then reportable voting rights.
Since 6 October 2009, the Company increased the issued share capital to 68,215,650 ordinary shares. As such, Credit Suisse currently holds voting rights representing approximately 7.28 per cent of the Company's current reportable voting rights.
Credit Suisse also notified the Company, as required by the Financial Services Authority policy statement 09/3 relating to disclosure of contracts for differences and effective from 1 June 2009, that it holds convertible bonds that may, up until 15 January 2012, be converted into 2,564,282 ordinary shares of 10p each in the Company. This number of shares was equivalent to approximately 4.10 per cent of the Company's then reportable voting rights based on the total number of current voting rights in the Company and represented approximately 3.93 percent of the enlarged number of reportable reporting rights if the convertibles are converted. Following the enlarged issued share capital of the Company, this number of shares is equivalent to 3.76 per cent and 3.62 per cent, respectively.
The convertible bonds held by Credit Suisse are the Series A US$15,000,000 5.875 per cent. senior unsecured convertible bonds issued by the Company in July 2007.
The total number of current voting rights in the Company is 68,215,650.
Enquiries: Lisa Hibberd 020 7925 2440
Dealing Disclosure Requirements
Under the provisions of Rule 8.3 of the City Code on Takeovers and Mergers (the "Code"), if any person is, or becomes, 'interested' (directly or indirectly) in 1% or more of any class of 'relevant securities' of the Company, all 'dealings' in any 'relevant securities' of the Company (including by means of an option in respect of, or a derivative referenced to, any such 'relevant securities') must be publicly disclosed by no later than 3.30pm (London time) on the London business day following the date of the relevant transaction. This requirement will continue until the date on which any offer becomes, or is declared, unconditional as to acceptances, lapses or is otherwise withdrawn or on which the 'offer period' otherwise ends. If two or more persons act together pursuant to an agreement or understanding, whether formal or informal, to acquire an 'interest' in 'relevant securities' of the Company, they will be deemed to be a single person for the purpose of Rule 8.3.
Under the provisions of Rule 8.1 of the Code, all 'dealings' in 'relevant securities' of the Company by any offeror or the offeree company, or by any of their respective 'associates', must be disclosed by no later than 12.00 noon (London time) on the London business day following the date of the relevant transaction.
A disclosure table, giving details of the companies in whose 'relevant securities' 'dealings' should be disclosed, and the number of such securities in issue, can be found on the Takeover Panel's (the "Panel") website at www.thetakeoverpanel.org.uk.
'Interests in securities' arise, in summary, when a person has long economic exposure, whether conditional or absolute, to changes in the price of securities. In particular, a person will be treated as having an 'interest' by virtue of the ownership or control of securities, or by virtue of any option in respect of, or derivative referenced to, securities.
Terms in quotation marks are defined in the Code, which can also be found on the Panel's website. If you are in any doubt as to whether or not you are required to disclose a 'dealing' under Rule 8 you should consult the Panel.
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Emerald Energy