Holding(s) in Company
October 09 2009 - 7:31AM
UK Regulatory
TIDMEEN
RNS Number : 5440A
Emerald Energy PLC
09 October 2009
Emerald Energy Plc
For Immediate Release
09 October 2009
Holdings in Company
Emerald Energy Plc (the "Company") received notification on 7 October 2009 from
Credit Suisse Securities (Europe) Limited ("Credit Suisse"), that as at 6
October 2009, it held voting rights in 4,962,850 ordinary shares of 10p each in
the Company, representing approximately 7.91 per cent of the Company's then
reportable voting rights.
Since 6 October 2009, the Company increased the issued share capital to
68,215,650 ordinary shares. As such, Credit Suisse currently holds voting rights
representing approximately 7.28 per cent of the Company's current reportable
voting rights.
Credit Suisse also notified the Company, as required by the Financial Services
Authority policy statement 09/3 relating to disclosure of contracts for
differences and effective from 1 June 2009, that it holds convertible bonds that
may, up until 15 January 2012, be converted into 2,564,282 ordinary shares of
10p each in the Company. This number of shares was equivalent to approximately
4.10 per cent of the Company's then reportable voting rights based on the total
number of current voting rights in the Company and represented approximately
3.93 percent of the enlarged number of reportable reporting rights if the
convertibles are converted. Following the enlarged issued share capital of the
Company, this number of shares is equivalent to 3.76 per cent and 3.62 per cent,
respectively.
The convertible bonds held by Credit Suisse are the Series A US$15,000,000 5.875
per cent. senior unsecured convertible bonds issued by the Company in July 2007.
The total number of current voting rights in the Company is 68,215,650.
Enquiries: Lisa Hibberd 020 7925 2440
Dealing Disclosure Requirements
Under the provisions of Rule 8.3 of the City Code on Takeovers and Mergers (the
"Code"), if any person is, or becomes, 'interested' (directly or indirectly) in
1% or more of any class of 'relevant securities' of the Company, all 'dealings'
in any 'relevant securities' of the 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 3.30pm (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, 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 the Company, 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 the Company by any offeror or the offeree company, 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 (the "Panel") 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 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.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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