14th Aug 2009 13:19
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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. |
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14 August 2009 |
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FOR IMMEDIATE RELEASE |
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Response to the extension of the Centrica Offer
The Board of Venture Production plc ("Venture") notes the announcement by Centrica Resources (UK) Limited ("Centrica") of the level of acceptances it has received by the first closing date for its offer and the extension Centrica have now made.
The Board of Venture continues to believe that Centrica's opportunistic final offer substantially undervalues Venture. The Board of Venture continues to recommend that shareholders reject the Centrica Offer.
John Morgan, Chairman of Venture commented:
"Only by rejecting Centrica's offer and making it lapse will shareholders have the opportunity to realise the real value of their investment, whether by forcing Centrica to pay a fair price or through the continuation of the Board's strategy to exploit the Company's unique portfolio of assets in the North Sea.
My message to shareholders remains clear - do not sell your shares on the cheap to Centrica. Venture is worth substantially more than 845p per share.
Shareholders should not sign any document which Centrica or its advisers send to them."
Enquiries:
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Venture Production plc Mike Wagstaff, Chief Executive
Brunswick Patrick Handley |
Telephone: +44 122 461 9000 Telephone: +44 207 404 5959 |
The Directors of Venture accept responsibility for the information contained in this announcement. To the best of the knowledge and belief of the Directors, who have taken all reasonable care to ensure such is the case, the information contained in this announcement is in accordance with the facts and does not omit anything likely to affect the import of such information.
N M Rothschild & Sons Limited, which is authorised and regulated by the Financial Services Authority in the United Kingdom, is acting as financial adviser to Venture and no one else in connection with the offer and will not be responsible to anyone other than Venture for providing the protections afforded to clients of Rothschild or for providing advice in relation to the contents of this announcement.
Lambert Energy Advisory Limited, which is authorised and regulated by the Financial Services Authority in the United Kingdom, is acting as financial adviser to Venture and no one else in connection with the offer and will not be responsible to anyone other than Venture for providing the protections afforded to clients of Lambert Energy Advisory Limited or for providing advice in relation to the contents of this announcement.
UBS Investment Bank, is acting as financial adviser and broker to Venture and no one else in connection with the matters set out in this announcement and will not be responsible to anyone other than Venture for providing the protections afforded to clients of UBS Investment Bank or for providing advice in relation to the contents of this announcement.
Oriel Securities Limited, which is authorised and regulated by the Financial Services Authority in the United Kingdom, is acting as financial adviser and broker to Venture and no one else in connection with the matters set out in this announcement and will not be responsible to anyone other than Venture for providing the protections afforded to clients of Oriel Securities Limited or for providing advice in relation to the contents of this announcement.
Related Shares:
Centrica