13th Nov 2006 10:11
First Reserve Corporation13 November 2006 FOR IMMEDIATE RELEASE 13 November 2006 AMEC plc - Recent Press Speculation Following the recent speculation regarding a potential offer for AMEC plc("AMEC"), First Reserve Corporation and Texas Pacific Group confirm that theyhave approached the Board of AMEC with respect to a recommended transaction,subject to due diligence access. The Board has declined to provide access andthere can be no assurance that any transaction will be announced or, if so, onany particular terms. A further announcement will be made if appropriate. Enquiries: Cubitt Consulting 020 7367 5100 Simon Brocklebank-Fowler 020 7367 5101 Michael Henman 020 7367 5106 Under the provisions of Rule 8.3 of the Takeover Code (the "Code"), if anyperson is, or becomes, "interested" (directly or indirectly) in 1% or more ofany class of "relevant securities" of AMEC, all "dealings" in any "relevantsecurities" of that company (including by means of an option in respect of, or aderivative reference to, any such "relevant securities") must be publiclydisclosed by no later than 3.30 pm (London time) on the London business dayfollowing the date of the relevant transaction. This requirement will continueuntil the date on which the offer becomes, or is declared, unconditional as toacceptances, lapses or is otherwise withdrawn or on which the "offer period"otherwise ends. If two or more persons act together pursuant to an agreement orunderstanding, whether formal or informal, to acquire an "interest" in the "relevant securities" of AMEC, they will be deemed to be a single person for thepurposes of Rule 8.3. Under the provisions of Rule 8.1 of the Code, all "dealings" in "relevantsecurities" of AMEC by Texas Pacific Group or First Reserve Corporation or AMEC,or by 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 in whose "relevantsecurities" "dealings" should be disclosed, and the number of such securities inissue, 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 Code, which can also be found on thePanel's website. If you are in any doubt as to whether or not you are requiredto disclose a "dealing" under Rule 8, you should consult the Panel. - Ends- This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
AMFW.L