Press speculation
Centrica PLC
Press speculation relating to British Energy
Further to recent press speculation, Centrica confirms that it is in discussions
with a third party with a view to Centrica taking a minority ownership position
in British Energy, subject to various conditions, including this third party
successfully acquiring British Energy and receipt of regulatory clearances.
In the event that the third party does not proceed with an offer for British
Energy, or Centrica's discussions with the third party do not result in an
agreement, Centrica might consider a number of other alternatives with respect
to British Energy.
These alternatives may include proposing to British Energy: long term power off
take arrangements, Centrica participating in British Energy's potential new
nuclear partnerships or a possible merger of Centrica with British Energy, only
if terms could be agreed and if all parties are fully supportive.
Centrica is not in discussions with British Energy with respect to such
alternatives and accordingly, for clarificatory purposes as required by Rule 2.4
of the City Code, there can be no certainty that an offer for British Energy
will be made nor as to the terms of any such offer.
Enquiries:
Centrica Investor Relations 01753 494900
Centrica Media Relations 0845 072 8001
Under the provisions of Rule 8.3 of the City Code, if any person is, or becomes,
'interested' (directly or indirectly) in 1 per cent. or more of any class of
'relevant securities' of Centrica or British Energy 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 any offer becomes, or is declared,
unconditional as to acceptances (or, if implemented by a scheme of arrangement,
such scheme becomes effective), lapses or is otherwise withdrawn or on which the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 Centrica or British Energy, 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 City Code, all 'dealings' in 'relevant
securities' of British Energy by Centrica or of Centrica by British Energy, 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 City Code, which can also be found
on the Takeover 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
Takeover Panel.
Latest directors dealings
- 3 minutes ago Lloyds Banking Group
- 13 minutes ago BP
- 21 minutes ago Secure Trust Bank
- 23 minutes ago Frasers Group
- 26 minutes ago Marshalls