Announcement of Acceptance Levels&Closing of Offer (3721P)
October 03 2011 - 2:00AM
UK Regulatory
TIDMGED
RNS Number : 3721P
Global Energy Development PLC
03 October 2011
NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION IN WHOLE OR IN
PART, IN, INTO
OR FROM ANY JURISDICTION WHERE TO DO THE SAME WOULD CONSTITUTE A
VIOLATION OF THE RELEVANT LAWS OF SUCH JURISDICTION
For immediate release 3 October 2011
MANDATORY CASH OFFER
FOR
GLOBAL ENERGY DEVELOPMENT PLC ("GLOBAL")
BY
HKN, INC. ("HKN")
Announcement of Acceptance Levels and Closing of Offer
As at 1:00 p.m. (London time) on 30 September 2011, the closing
date of the Offer, HKN had received valid acceptances from Global
Shareholders in respect of 234,306 Global Shares representing
approximately 0.66 per cent. of the issued share capital of
Global.
Taking into account the Concert Party's existing holding
(assuming completion of the Conditional Acquisition), as at the
date of the Offer Document, of 21,480,960 Global Shares
(representing approximately 60.06 per cent. of the issued share
capital of Global), as at 1:00 p.m. (London time) on 30 September
2011, HKN and parties acting in concert with it are interested in
21,715,266 Global Shares, representing approximately 60.71 per
cent. of the issued share capital of Global.
As HKN and parties acting in concert with it, were interested in
Global Shares representing more than 50 per cent. of Global's
issued share capital and carrying more than 50 per cent. of the
voting rights of Global's issued share capital at the time of the
Offer, there is no acceptance condition to the Offer.
The Offer is now closed and no further acceptances will be
accepted.
Settlement
Settlement for Global Shareholders who have accepted the Offer
will be effected by 14 October 2011, in respect of valid
acceptances received by 30 September 2011 complete in all respects
(or, as the case may be, within 14 days of the date of receipt of
necessary documents of title supporting incomplete acceptances
received by 30 September 2011).
Interests in Global Shares
Save as disclosed in this announcement or in the Offer Document,
as at close of business on 30 September 2011, neither HKN nor any
person acting in concert with HKN, is interested in or has any
rights to subscribe for any Global Shares, nor does any such person
have any short position under a derivative, any agreement to sell
or any delivery obligation or right to require another person to
purchase or take delivery of Global Shares, nor does any such
person have any borrowing or lending of Global Shares, except for
any borrowed shares which have been either on-lent or sold.
Capitalised terms used but not defined in this announcement
shall have the meaning given to them in the Offer Document.
Enquiries
Merchant Securities Limited
Simon Clements
David Worlidge 020 7628 2200
Matrix Corporate Capital LLP
Nick Stone 020 3206 7000
This announcement does not constitute or form part of any offer
or invitation to sell or purchase any securities or the
solicitation of an offer to purchase, otherwise acquire, subscribe
for, sell or otherwise dispose of any securities, pursuant to the
Offer or otherwise, nor shall there be any sale, issue or transfer
of the securities referred to in this announcement in or into any
jurisdiction in contravention of any applicable law.
Merchant Securities Limited, which is authorised and regulated
in the United Kingdom by the Financial Services Authority, is
acting exclusively for HKN and no-one else in relation to the Offer
and will not be responsible to anyone other than HKN for providing
the protections afforded to the customers of Merchant Securities
Limited or for providing advice in relation to the Offer or in
relation to the contents of this announcement or any transaction or
arrangement referred to herein.
Matrix Corporate Capital LLP, which is authorised and regulated
in the United Kingdom by the Financial Services Authority, is
acting exclusively for Global and no-one else in relation to the
Offer and will not be responsible to anyone other than Global for
providing the protections afforded to the customers of Matrix
Corporate Capital LLP or for providing advice in relation to the
Offer or in relation to the contents of this announcement or any
transaction or arrangement referred to herein.
The distribution of this announcement in jurisdictions other
than the United Kingdom may be restricted by the laws of those
jurisdictions and therefore persons into whose possession this
announcement comes should inform themselves about and observe any
such restrictions. Failure to comply with any such restrictions may
constitute a violation of the securities laws of any such
jurisdiction.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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