4th Aug 2008 13:09
Press speculation relating to British Energy Further to recent press speculation, Centrica confirms that it is in discussionswith a third party with a view to Centrica taking a minority ownership positionin British Energy, subject to various conditions, including this third partysuccessfully acquiring British Energy and receipt of regulatory clearances. In the event that the third party does not proceed with an offer for BritishEnergy, or Centrica's discussions with the third party do not result in anagreement, Centrica might consider a number of other alternatives with respectto British Energy. These alternatives may include proposing to British Energy: long term power offtake arrangements, Centrica participating in British Energy's potential newnuclear partnerships or a possible merger of Centrica with British Energy, onlyif terms could be agreed and if all parties are fully supportive. Centrica is not in discussions with British Energy with respect to suchalternatives and accordingly, for clarificatory purposes as required by Rule 2.4of the City Code, there can be no certainty that an offer for British Energywill be made nor as to the terms of any such offer. Enquiries: Centrica Investor Relations 01753 494900 Centrica Media Relations 0845 072 8001 Under the provisions of Rule 8.3 of the City Code, if any person is, or becomes,"interested" (directly or indirectly) in 1 per cent. or more of any class of"relevant securities" of Centrica or British Energy all "dealings" in any"relevant securities" of that company (including by means of an option inrespect of, or a derivative referenced to, any such "relevant securities") mustbe publicly disclosed by no later than 3.30 pm (London time) on the Londonbusiness day following the date of the relevant transaction. This requirementwill continue until the date on which any offer becomes, or is declared,unconditional as to acceptances (or, if implemented by a scheme of arrangement,such scheme becomes effective), lapses or is otherwise withdrawn or on which the"offer period" otherwise ends. If two or more persons act together pursuant toan agreement or understanding, whether formal or informal, to acquire an"interest" in "relevant securities" of Centrica or British Energy, they will bedeemed to be a single person for the purpose of Rule 8.3. Under the provisions of Rule 8.1 of the City Code, all "dealings" in "relevantsecurities" of British Energy by Centrica or of Centrica by British Energy, orby any of their respective "associates", must be disclosed by no later than12.00 noon (London time) on the London business day following the date of therelevant transaction. A disclosure table, giving details of the companies inwhose "relevant securities" "dealings" should be disclosed, and the number ofsuch securities in issue, can be found on the Takeover Panel's website atwww.thetakeoverpanel.org.uk. "Interests in securities" arise, in summary, when a person has long economicexposure, whether conditional or absolute, to changes in the price ofsecurities. In particular, a person will be treated as having an "interest" byvirtue of the ownership or control of securities, or by virtue of any option inrespect of, or derivative referenced to, securities. Terms in quotation marks are defined in the City Code, which can also be foundon the Takeover Panel's website. If you are in any doubt as to whether or notyou are required to disclose a "dealing" under Rule 8, you should consult theTakeover Panel. Copyright Business Wire 2008Related Shares:
Centrica