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OAO Severstal (SVST)

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Monday 19 November, 2007

OAO Severstal

Offer Update

OAO Severstal
19 November 2007


Not for release, publication or distribution, in whole or in part, in, into or
from Canada, South Africa, Japan or any  other jurisdiction where it would be
unlawful to do so.

19th November 2007

                       RECOMMENDED REVISED CASH OFFER BY
                              CENTROFERVE LIMITED
                     A WHOLLY OWNED SUBSIDIARY OF SEVERSTAL
                                   FOR
                         CELTIC RESOURCES HOLDINGS PLC
                              OFFER UPDATE

         EXTENSION OF OFFER AND ANNOUNCEMENT OF LEVEL OF ACCEPTANCES

Centroferve, a wholly owned subsidiary of Severstal, announces that its Revised
Offer for the entire issued and to be  issued share capital of Celtic has been
extended and will remain open for acceptance until 3.00 p.m. (Dublin time) on 7 
December 2007.

The Revised Offer Document will be posted to Celtic Shareholders in the next day
or so.

Centroferve announces that, as at 3.00 p.m. on 16 November 2007, being the first
closing date of the Offer, acceptances  of the Offer had been received in
respect of 8,872,708 Celtic Shares (representing approximately 15.9% of the
Celtic  Shares to which the Offer relates).

Centroferve did not hold any Celtic Shares before the commencement of the Offer
Period and has not acquired or agreed  to acquire any Celtic Shares during the
Offer Period.

None of the acceptances referred to above have been received from persons acting
in concert with Centroferve. Prior to the Offer Period, Bluecone, a company
owned by Severstal, acquired 12,281,946 Celtic Shares, and during the Offer
Period (but before the Original Offer was made) Bluecone acquired a further
4,301,056 Celtic Shares. As a result, Bluecone owns 16,583,002 Celtic Shares
representing approximately 29.7% of the issued share capital of Celtic, and
Bluecone has given an irrevocable undertaking to Centroferve to accept or
procure acceptance of the Offer in respect of those shares. Other than the
Celtic Shares held or acquired by Bluecone, no party acting in concert with
Centroferve held before the commencement of the Offer Period, or acquired or
agreed to acquire during the Offer Period, any Celtic Shares.

Terms defined in the Original Offer Document dated 26 October 2007 and the
announcement of the Revised Offer dated 9  November 2007 have the same meaning
in this announcement unless otherwise stated.  References to the 'Offer' include
the Original Offer and the Revised Offer.

Enquiries:

Centroferve                            Tel: +7 495 9810 910 ext.6633
Roman Deniskin
Nikolai Zelenski


Morgan Stanley & Co. Limited           Tel: +44 20 7425 8000
Peter Bacchus
Arash Mahdaviani


FD London Tel: +44 207 831 3113
Jon Simmons
Ben Brewerton


The directors of Centroferve and the directors of Severstal accept
responsibility for the information contained in this announcement. To the best
of the knowledge and belief of the directors of Centroferve and the directors of
Severstal (who have taken all reasonable care to ensure that such is the case),
the information contained in this announcement for which they accept
responsibility is in accordance with the facts and does not omit anything likely
to affect the import of such information.

Morgan Stanley & Co. Limited ('Morgan Stanley') is acting exclusively for
Centroferve and Severstal Resurs and no one else in connection with the Revised
Offer and Morgan Stanley will not regard any other person as a client in
relation to the Revised Offer and will not be responsible to anyone other than
Centroferve and Severstal Resurs for providing the protections afforded
exclusively to its clients or for providing advice in relation to the Revised
Offer, the contents of this announcement or any transaction or arrangement
referred to herein.

The Revised Offer will not be made, directly or indirectly, in or into any
jurisdiction where it would be unlawful to do so, or by use of the mails, or by
any means or instrumentality (including, without limitation, telephonically or
electronically) of interstate or foreign commerce, or by any facility of a
national securities exchange of any jurisdiction where it would be unlawful to
do so, and the Revised Offer will not be capable of acceptance by any such
means, instrumentality or facility from or within any jurisdiction where it
would be unlawful to do so. Accordingly, copies of this announcement and all
other documents relating to the Revised Offer are not being, and must not be,
mailed or otherwise forwarded, distributed or sent in, into or from any
jurisdiction where it would be unlawful to do so. Persons receiving such
documents (including, without limitation, nominees, trustees and custodians)
should observe these restrictions. Failure to do so may invalidate any related
purported acceptance of the Revised Offer. Notwithstanding the foregoing
restrictions, Centroferve reserves the right to permit the Revised Offer to be
accepted if, in its sole discretion, it is satisfied that the transaction in
question is exempt from or not subject to the legislation or regulation giving
rise to the restrictions in question.

This announcement does not constitute an offer to sell or an invitation to
purchase or the solicitation of an offer to purchase or subscribe for any
securities. Any response in relation to the Revised Offer should be made only on
the basis of the information contained in the Revised Offer Document or any
document by which the Revised Offer is made.

Any person who is a holder of 1% or more of the Celtic Shares may have
disclosure obligations under Rule 8.3 of the Takeover Rules, effective from the
date of the commencement of the Offer Period.

The Revised Offer will be made in the United States pursuant to an exemption
from the US tender offer rules provided by Rule 14d-1(c) under the US Exchange
Act.

Notice to US holders of Celtic Shares:

The Revised Offer will be made for the securities of an Irish public limited
company whose shares are listed on the AIM market in the UK and is subject to
Irish and UK disclosure requirements, which are different from those of the
United States. The Revised Offer will be made in the United States pursuant to
applicable US tender offer rules and otherwise in accordance with the
requirements of the Irish Takeover Rules. Accordingly, the Revised Offer will be
subject to disclosure and other procedural requirements, including with respect
to withdrawal rights, offer timetable, settlement procedures and timing of
payments that are different from those applicable under US domestic tender offer
procedures and law.

The receipt of cash pursuant to the Revised Offer by a US holder of Celtic
Shares may be a taxable transaction for US federal income tax purposes and under
applicable US state and local, as well as foreign and other tax laws. Each
holder of Celtic Shares is urged to consult his independent professional adviser
immediately regarding the tax consequences of acceptance of the Revised Offer.

It may be difficult for US holders of Celtic Shares to enforce their rights and
any claim arising out of the US federal securities laws, since Centroferve and
Celtic are located in non-US jurisdictions, and some or all of their officers
and directors may be residents of non-US jurisdictions. US holders of Celtic
Shares may not be able to sue a non-US company or its officers or directors in a
non-US court for violations of the US securities laws. Further, it may be
difficult to compel a non-US company and its affiliates to subject themselves to
a US court's judgement.

In accordance with normal Irish and UK practice and pursuant to Rule 14e-5(b) of
the US Exchange Act, Centroferve or its nominees, or its brokers (acting as
agents), may from time to time make certain purchases of, or arrangements to
purchase, Celtic Shares outside the United States, other than pursuant to the
Revised Offer, before or during the period in which the Revised Offer remains
open for acceptance. These purchases may occur either in the open market at
prevailing prices or in private transactions at negotiated prices. Any
information about such purchases will be disclosed as required in Ireland and
the UK, will be reported to a Regulatory Information Service of the UK Listing
Authority and will be available on the London Stock Exchange website,
www.londonstockexchange.com.




                      This information is provided by RNS
            The company news service from the London Stock Exchange