Stmnt re Share Price Movement

RNS Number : 4086H

Sterling Energy PLC

04 November 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 OR REGULATIONS OF THAT JURISDICTION

4 November 2008

FOR IMMEDIATE RELEASE

Sterling Energy plc

Response to Share Price Movement

In response to the movement today in its share price, Sterling Energy plc ('Sterling') confirms that it has received approaches regarding possible offers for Sterling from third parties. Discussions are at a very early stage and there can be no certainty that these could lead to an offer for Sterling. 

A further announcement will be made when appropriate.

In accordance with Rule 2.10 of The City Code on Takeovers and Mergers, Sterling announces, that as at the close of business on 3 November 2008 its issued share capital consisted of 2,325,510,585 ordinary shares of 1 pence each.

The International Securities Identification Number for Sterling's ordinary shares is GB0005299929.

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 Sterling, 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until the date on which the offer becomes, or is declared, unconditional as to acceptances, lapses or is otherwise withdrawn or on which the 'offer period' otherwise ends.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 Sterling, 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 Sterling by Sterling, or by the potential offerors, 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 http://www.thetakeoverpanel.org.uk/new/.

'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.

Enquiries:

Sterling Energy Plc                                     Telephone: [phone]

Graeme Thomson, CEO

Jon Cooper, CFO

N M Rothschild & Sons Limited                  Telephone: [phone]

(Financial Adviser)

Neeve Billis

David Hemmings

Evolution Securities                                     Telephone: [phone]

(Nominated Adviser and Broker)

Rob Collins

Chris Sim    

The Directors of Sterling accept responsibility for the information contained in this announcement. To the best of 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 is acting for Sterling and no one else in connection with the possible offer and will not be responsible to anyone other than Sterling for providing the protections afforded to clients of N M Rothschild & Sons Limited or for providing advice in relation to the possible offer.

Evolution Securities is acting for Sterling and no one else in connection with the possible offer and will not be responsible to anyone other than Sterling for providing the protections afforded to clients of Evolution Securities or for providing advice in relation to the possible offer. 

 

END

 

 

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