Equatorial Palm Oil plc Statement re Share Price Movement (6192Q)
October 16 2013 - 2:13AM
UK Regulatory
TIDMPAL
RNS Number : 6192Q
Equatorial Palm Oil plc
16 October 2013
NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, IN WHOLE OR IN
PART, DIRECTLY OR INDIRECTLY, IN, INTO OR FROM ANY JURISDICTION
WHERE TO DO SO WOULD CONSTITUTE A VIOLATION OF THE RELEVANT LAWS OR
REGULATIONS OF SUCH JURISDICTION
15 October 2013
Equatorial Palm Oil PLC
("EPO" or the "Company")
Statement re Share Price Movement
Equatorial Palm Oil PLC (AIM: PAL.L) notes the recent rise in
the Company's share price and can confirm that it is in early stage
discussions with Kuala Lumpur Kepong Berhad ("KLK") regarding the
funding of EPO's joint venture, Liberian Palm Developments Limited
("LPD"), which may or may not lead to an offer of funding for LPD
and which may or may not include an offer for all or part of the
Company. LPD is a joint venture with Biopalm Energy Limited
("Biopalm").
The board of EPO would like to emphasise that these discussions
are still openand there can be no certainty that any offer for EPO
will be made, nor as to the terms of any such offer should one be
forthcoming, nor can there be any certainty that any funding will
be provided by KLK as a result of these discussions. This
announcement does not amount to a firm intention to make an offer
under Rule 2.7 of the City Code on Takeovers and Mergers (the
"Code").
In accordance with Rule 2.6(a) of the Code, KLK must, by not
later than 5.00 p.m. on 12 November 2013, being the 28th day
following the date of this announcement, either announce a firm
intention to make an offer for the Company in accordance with Rule
2.7 of the Code or announce that it does not intend to make an
offer, in which case the announcement will be treated as a
statement to which Rule 2.8 of the Code applies. This deadline will
only be extended with the consent of the Takeover Panel, in
accordance with Rule 2.6(c) of the Code.
Pursuant to Rule 2.10 of the Code the Company confirms that
there are 200,509,854 ordinary shares of 1p in issue with
International Securities Identification Number GB00B2QBNL29.
As a consequence of this announcement, an 'Offer Period' has now
commenced in respect of the Company in accordance with the rules of
the Code and the attention of shareholders is drawn to the
disclosure requirements of Rule 8 of the Code, which are summarised
below.
A further announcement will be made as and when appropriate.
Enquiries:
Equatorial Palm Oil plc
Michael Frayne (Chairman) +44 (0) 7552 497
www.epoil.co.uk 241
Strand Hanson Limited (Nominated Adviser) +44 (0) 20 7409
James Harris / Andrew Emmott 3494
Mirabaud Securities LLP (Broker) +44 (0) 20 7484
Peter Krens 3510
Strand Hanson Limited, which is authorised and regulated in the
United Kingdom by the Financial Conduct Authority, is acting
exclusively for EPO and no one else in connection with the possible
offer and will not be responsible to anyone other than EPO for
providing the protections afforded to clients of Strand Hanson
Limited or for providing advice in relation to the possible offer
or any other matter referred to herein.
Disclosure requirements of the Code:
Under Rule 8.3(a) of the Code, any person who is interested in
1% or more of any class of relevant securities of EPO or of any
paper offeror (being any offeror other than an offeror in respect
of which it has been announced that its offer is, or is likely to
be, solely in cash) must make an Opening Position Disclosure
following the commencement of the offer period and, if later,
following the announcement in which any paper offeror is first
identified. An Opening Position Disclosure must contain details of
the person's interests and short positions in, and rights to
subscribe for, any relevant securities of each of (i) EPO and (ii)
any paper offeror(s). An Opening Position Disclosure by a person to
whom Rule 8.3(a) applies must be made by no later than 3.30 p.m.
(London time) on the 10th business day following the commencement
of the offer period and, if appropriate, by no later than 3.30 p.m.
(London time) on the 10th business day following the announcement
in which any paper offeror is first identified. Relevant persons
who deal in the relevant securities of EPO or of a paper offeror
prior to the deadline for making an Opening Position Disclosure
must instead make a Dealing Disclosure.
Under Rule 8.3(b) of the Code, any person who is, or becomes,
interested in 1% or more of any class of relevant securities of EPO
or of any paper offeror must make a Dealing Disclosure if the
person deals in any relevant securities of EPO or of any paper
offeror. A Dealing Disclosure must contain details of the dealing
concerned and of the person's interests and short positions in, and
rights to subscribe for, any relevant securities of each of (i) EPO
and (ii) any paper offeror, save to the extent that these details
have previously been disclosed under Rule 8. A Dealing Disclosure
by a person to whom Rule 8.3(b) applies must be made by no later
than 3.30 p.m. (London time) on the business day following the date
of the relevant dealing.
If two or more persons act together pursuant to an agreement or
understanding, whether formal or informal, to acquire or control an
interest in relevant securities of EPO or a paper offeror, they
will be deemed to be a single person for the purpose of Rule
8.3.
Opening Position Disclosures must also be made by EPO and by any
offeror and Dealing Disclosures must also be made by EPO, by any
offeror and by any persons acting in concert with any of them (see
Rules 8.1, 8.2 and 8.4).
Details of the offeree and offeror companies in respect of whose
relevant securities Opening Position Disclosures and Dealing
Disclosures must be made can be found in the Disclosure Table on
the Takeover Panel's website at www.thetakeoverpanel.org.uk,
including details of the number of relevant securities in issue,
when the offer period commenced and when any offeror was first
identified. You should contact the Takeover Panel's Market
Surveillance Unit on +44 (0)20 7638 0129 if you are in any doubt as
to whether you are required to make an Opening Position Disclosure
or a Dealing Disclosure.
The defined terms used in this section "Disclosure requirements
of the Code" are defined in the Code which can be found on the
Takeover Panel's website.
A copy of this announcement will be made available (subject to
certain restrictions relating to persons resident in restricted
jurisdictions) on EPO's website at http://www.epoil.co.uk by no
later than 12 noon (London time) on 16 October 2013, being the day
following the date of this announcement.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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