22nd Oct 2007 11:13
Korea National Oil Corporation22 October 2007 Korea National Oil Corporation 22 October 2007 NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, IN WHOLE OR IN PART, IN OR INTOAUSTRALIA, CANADA, JAPAN OR THE UNITED STATES 22 October 2007 FOR IMMEDIATE RELEASE Press comment on Burren Energy plc Korea National Oil Corporation ("KNOC") notes the recent press speculation inrelation to Burren Energy plc ("Burren") and confirms that it is considering itsoptions in respect of Burren, which might or might not lead to an offer beingmade for Burren. Further announcements will be made as appropriate. Enquiries: KNOCEuGene SynnManaging Director / New Ventures +82 31 380 2560 Jefferies International LimitedRichard Kent +44 207 618 3713 Jefferies International Limited, which is authorised and regulated by theFinancial Services Authority in the United Kingdom, is acting for Korea NationalOil Corporation and no one else in relation to the subject matter of thisannouncement and will not be responsible to anyone other than Korea National OilCorporation for providing the protections afforded to clients of JefferiesInternational Limited nor for providing advice in relation to the subject matterof this announcement. Dealing Disclosure Requirements 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 Burren, all "dealings" in any "relevantsecurities" of that company (including by means of an option in respect of, or aderivative referenced 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the date on which any offer becomes, or is declared, unconditional as toacceptances, lapses or is otherwise withdrawn or on which the "offer period"otherwise ends.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 "relevantsecurities" of Burren, they will be deemed to be a single person for the purposeof Rule 8.3. Under the provisions of Rule 8.1 of the Code, all "dealings" in "relevantsecurities" of Burren by KNOC or Burren, or by any of their respective "associates", must be disclosed by no later than 12.00 noon (London time) on theLondon business day following the date of the relevant 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 at http://www.thetakeoverpanel.org.uk/new/ . "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. This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
Burford Capital