Exercise of Matching Rights

RNS Number : 7262A

Genel Energy PLC

03 April 2012

 



Genel Energy plc

3 April 2012

Exercise of Matching Rights

Genel Energy plc announces that, on 2 April 2012, four of its independent non-executive directors, being Rodney Chase, Sir Graham Hearne, Jim Leng and George Rose (the Non Executive Directors), exercised their rights to subscribe for matching shares in the Company, as awarded to each of them at the time of the Vallares PLC IPO in June 2011.

As a result, the Company issued 90,000 ordinary shares to such Non-Executive Directors, with each director receiving 20,000 ordinary shares and Rodney Chase, as Chairman, receiving 30,000 ordinary shares, each issued at a price per share equal to its nominal value. These awards represent one-third of each Non-Executive Director's entitlement to matching shares, with the remaining two-thirds becoming eligible for subscription from their first anniversary of appointment as a director of the Company (which will be on 2 June 2012), subject to their remaining independent non-executive directors at such time.

The matching arrangements were previously disclosed in the prospectus published by the Company on 18 November 2011 and the Vallares PLC Prospectus published on 17 June 2011.

For further information, please contact:

Genel Energy plc:            [phone]

Julian Metherell, Chief Financial Officer
Natalie Fortescue, Investor Relations

RLM Finsbury:                   [phone]

Ed Simpkins
Jenny Davey

Notes on voting rights

A total of 90,000 new Voting Ordinary Shares will be allotted and issued to the Non-Executive Directors in order to satisfy this subscription. A further 38,572 Voting Ordinary Shares have arisen on the conversion of Suspended Voting Ordinary Shares in accordance with their terms. The Suspended Voting Ordinary Shares were issued to the selling shareholders of Genel Energy International Limited in consideration for its merger with the Company in November 2011 so as to ensure that such selling shareholders and their affiliates aggregate holding of Voting Ordinary Shares did not and does not exceed 30%.

Applications will be made to the UK Listing Authority for 90,000 new Voting Ordinary Shares to be admitted to the standard listing segment of the Official List of the UK Listing Authority and to the London Stock Exchange plc for the same 90,000 new Voting Ordinary Shares to be admitted to trading on the London Stock Exchange's main market for listed securities (Admission). It is expected that the Admission will become effective, and that dealings in such shares will commence, at 8.00 a.m. on or around 11 April 2012.

Applications will also be made to the UK Listing Authority for the 38,572 new Voting Ordinary Shares to be admitted to the standard listing segment of the Official List of the UK Listing Authority and to London Stock Exchange plc for the same 38,572 new Voting Ordinary Shares to be admitted to trading on the London Stock Exchange's main market for listed securities (Conversion Admission). It is expected that the Conversion Admission will become effective, and that dealings in such shares will commence, at 8.00 a.m. on or around 11 April 2012.

Following the Admission and Conversion Admission on 11 April 2012, the total number of Ordinary Shares will be 280,068,198 (of which 213,479,537 will be Voting Ordinary Shares and 66,588,661 will be Suspended Voting Ordinary Shares).

This announcement does not constitute or form part of any offer or invitation to purchase, otherwise acquire, issue, subscribe for, sell or otherwise dispose of any securities, nor any solicitation of any offer to purchase, otherwise acquire, issue, subscribe for, sell or otherwise dispose of, any securities.

The securities of the Company referred to herein have not been and will not be registered under the U.S. Securities Act of 1933, as amended (the "Securities Act"), and may not be offered or sold in the United States unless they are registered with the U.S. Securities and Exchange Commission or an exemption from the registration requirements of the Securities Act is available.

The release, publication or distribution of this announcement in certain jurisdictions may be restricted by law and therefore persons in such jurisdictions into which this announcement is released, published or distributed should inform themselves about and observe such restrictions.

 

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