21st Jul 2008 07:18
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 OR REGULATIONS OF THAT JURISDICTION.
21 July 2008
For immediate release
Inmarsat plc ("Inmarsat" or the "Company")
RESPONSE TO STATEMENT FROM INMARSAT
Harbinger Capital Partners Master Fund I, Ltd. and Harbinger Capital Partners Special Situations Fund, LP (together "Harbinger") have noted the statement issued by Inmarsat this morning regarding the status of discussions with Inmarsat.
On 7 July 2008, Harbinger confirmed that it had entered into preliminary discussions with Inmarsat in relation to a possible offer for the entire issued and to be issued share capital of Inmarsat. Discussions have taken place between Harbinger and Inmarsat and their respective advisers and these discussions have focused upon the lengthy regulatory and competition approval process required to effect an offer for Inmarsat. In light of this lengthy process, which could take up to 18 months, Harbinger does not consider it appropriate to make a firm offer for Inmarsat at this stage and therefore the parties have agreed to suspend these discussions.
However, Harbinger remains interested in acquiring control of Inmarsat and is therefore actively considering whether to pursue the relevant regulatory and competition approvals in order to be able to make an offer for Inmarsat in the future. Assuming there is an acceptable conclusion to the regulatory approval process Harbinger would intend to re-enter into discussions with the board of Inmarsat regarding the terms of an offer and endeavour to seek a recommendation from the Inmarsat board at that time.
Harbinger will make a further announcement as soon as possible.
Enquiries:
Merrill Lynch International: +44 (0)20 7996 1000 Richard Taylor Philip Noblet
Tulchan Communications: +44 (0)20 7353 4200Andrew GrantPeter Hewer
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 Inmarsat, 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 Inmarsat, they will be deemed to be a single person for the purpose of Rule 8.3.
Under the provisions of Rule 8.1 of the Code, all 'dealings' in 'relevant securities' of Inmarsat by Harbinger, 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 price 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 of 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:
Inmarsat