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Dana Petroleum PLC (DNX)

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Monday 27 September, 2010

Dana Petroleum PLC

Adjournment of General Meetin

RNS Number : 3560T
Dana Petroleum PLC
27 September 2010
 



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 OF SUCH JURISDICTION

 

Dana Petroleum plc

("Dana" or the "Company")

 

Indefinite adjournment of general meeting convened to approve the proposed acquisition of certain upstream oil and gas assets from Petro-Canada UK Limited for the purposes of Rule 21 of the City Code on Takeovers and Mergers (the "Takeover Code")

 

On 8 September 2010, Dana announced that the Company (through one of its subsidiaries) had entered into an agreement (the "Agreement") with Petro-Canada UK Limited ("PCUK"), a wholly owned subsidiary of Suncor Energy Inc., to acquire PCUK's interests in certain UK assets (the "PCUK Assets") for a cash consideration of £240 million (the "Proposed Acquisition").

 

By notice to shareholders dated 10 September 2010, the Company convened a general meeting of its shareholders to be held at 11:00 a.m. today for the purposes of approving the Proposed Transaction in accordance with Rule 21.1 of the Takeover Code (the "General Meeting").

 

On 20 September 2010, Korea National Oil Corporation ("KNOC") (as offeror for all of the Company's issued and to be issued share capital) provided its consent to the Panel on Takeovers and Mergers (the "Panel") in relation to the Proposed Acquisition and the Panel waived the requirement, pursuant to Note 1 on Rule 21.1 of the Takeover Code, for the consent of the Company's shareholders to the Proposed Acquisition.

 

Consequently, with the consent of the General Meeting, the General Meeting was today adjourned indefinitely without the resolution to approve the Proposed Acquisition (the "Resolution") being put to the vote, on the basis that the Resolution was now redundant.

 

 

27 September 2010

 

Enquiries

 

Dana Petroleum plc

01224 652 400

Tom Cross, Chief Executive Officer

John Arnton, Company Secretary

RBS Hoare Govett

020 7678 8000

Stephen Bowler

John MacGowan

RBC Capital Markets

020 7653 4000

Tim Chapman

Josh Critchley

Morgan Stanley & Co. Limited

020 7425 8000

Andrew Foster

Ian Hart

Brunswick Group LLP

020 7404 5959

Patrick Handley

College Hill Associates

020 7457 2020

Nick Elwes

 

 

 

 

 

 

The directors of Dana accept responsibility for the information contained in this announcement. To the best of the 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.

 

RBS Hoare Govett Limited, which is authorised and regulated in the United Kingdom by the Financial Services Authority, is acting exclusively for Dana and no one else in connection with the Offer and this announcement and will not be responsible to anyone other than Dana for providing the protections afforded to clients of RBS Hoare Govett Limited nor for providing advice in connection with the Offer or this announcement or any matter referred to herein.

 

Royal Bank of Canada Europe Limited ("RBC Capital Markets"), which is authorised and regulated in the United Kingdom by the Financial Services Authority, is acting exclusively for Dana and no one else in connection with the Offer and this announcement and will not be responsible to anyone other than Dana for providing the protections afforded to clients of RBC Capital Markets nor for providing advice in connection with the Offer or this announcement or any matter referred to herein.

 

Morgan Stanley & Co. Limited, which is authorised and regulated in the United Kingdom by the Financial Services Authority, is acting exclusively for Dana and no one else in connection with the Offer and this announcement and will not be responsible to anyone other than Dana for providing the protections afforded to clients of Morgan Stanley & Co. Limited nor for providing advice in connection with the Offer or this announcement or any matter referred to herein.


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