2nd Jul 2008 07:33
2 July 2008
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.
FOR IMMEDIATE RELEASE
Forum Energy Plc ("Forum" or the "Company")
Response to mandatory offer
The Board of Forum notes the announcement made this morning by Philex Petroleum Corporation of its intention to proceed with a mandatory offer for the Company at a price of 48p per share (the "Offer").
The Board, which is in discussions with its advisers, is considering its position and will advise Forum's shareholders on what action to take in relation to the Offer in due course. Forum shareholders are urged to take no action at this stage.
In accordance with Rule 2.10 of the Takeover Code, as at 2 July 2008, Forum has 28,711,709 ordinary shares of 10p each in issue with International Securities Identification Number GB00B07C1T48.
For further information please contact:
Alan Henderson Tel: +44 (0)1932 445 344
Non-Executive Chairman and acting Chief Executive Officer, Forum Energy Plc
Andrew Mullins Tel: +44 (0)1932 445 344
Company Secretary, Forum Energy Plc
Nick Naylor / Matthew Hall / Jamie Boyd Tel: +44 (0)20 7763 2200
Noble & Company Ltd, Nominated Adviser & Broker
Or visit the Company's website:
www.forumenergyplc.com
Dealing Disclosure Requirements
Under the provisions of Rule 8.3 of the Takeover Code (the "Code"), if any person is, or becomes, "interested" (directly or indirectly) in 1% or more of any class of "relevant securities" of Forum, all "dealings" in any "relevant securities" of that 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 3:30 pm (London time) on the London business day following the date of the relevant transaction. This requirement will continue until the date on which the offer becomes, or is declared, unconditional as to acceptances, lapses or is otherwise withdrawn or on which the "offer period" otherwise ends.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 Forum, they will be deemed to be a single person for the
purpose of Rule 8.3.
Under provisions of Rule 8.1 of the Code, all "dealings" in "relevant securities" of Forum by the offeror, Forum 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 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 prices 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 or 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.
Related Shares:
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