San Leon Energy PLC Form 8 (OPD) Aurelian Oil & Gas (8537Q)
November 12 2012 - 2:09AM
UK Regulatory
TIDMSLE TIDMAUL
RNS Number : 8537Q
San Leon Energy PLC
12 November 2012
FORM 8 (OPD)
PUBLIC OPENING POSITION DISCLOSURE BY A PARTY TO AN OFFER
Rules 8.1 and 8.2 of the Takeover Code (the "Code")
1. KEY INFORMATION
(a) Identity of the party to the offer making the San Leon Energy plc
disclosure:
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(b) Owner or controller of interests and short positions
disclosed, if different from 1(a):
The naming of nominee or vehicle companies is
insufficient
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(c) Name of offeror/offeree in relation to whose relevant Aurelian Oil & Gas plc
securities this form relates:
Use a separate form for each party to the offer
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(d) Is the party to the offer making the disclosure the OFFEROR
offeror or the offeree?
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(e) Date position held:
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(f) Has the party previously disclosed, or is it today Disclosing in relation to positions in Offeror at the
disclosing, under the Code in respect same time.
of any other party to this offer?
---------------------------------------------------------- ----------------------------------------------------------
2. POSITIONS OF THE PARTY TO THE OFFER MAKING THE DISCLOSURE
(a) Interests and short positions in the relevant securities of
the offeror or offeree to which the disclosure relates
Class of relevant security:
------------------------------------------------- --------------------------------
Interests Short positions
------------------------------------------------- ------------ ------------------
Number % Number %
------------------------------------------------- -------- ------------- ---
(1) Relevant securities owned and/or controlled: Nil Nil
------------------------------------------------- -------- ------------- ---
(2) Derivatives (other than options): Nil Nil
------------------------------------------------- -------- ------------- ---
(3) Options and agreements to purchase/sell: Nil Nil
------------------------------------------------- -------- ------------- ---
Nil Nil
TOTAL:
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All interests and all short positions should be disclosed.
Details of any open derivative or option positions, or
agreements to purchase or sell relevant securities, should be given
on a Supplemental Form 8 (Open Positions).
Details of any securities borrowing and lending positions or
financial collateral arrangements should be disclosed on a
Supplemental Form 8 (SBL).
(b) Rights to subscribe for new securities
Class of relevant security in relation to which subscription right exists: N/A
---------------------------------------------------------------------------- ----
Details, including nature of the rights concerned and relevant percentages: N/A
---------------------------------------------------------------------------- ----
If there are positions or rights to subscribe to disclose in
more than one class of relevant securities of the offeror or
offeree named in 1(c), copy table 2(a) or (b) (as appropriate) for
each additional class of relevant security.
(c) Irrevocable commitments and letters of intent
Details of any irrevocable commitments or letters of intent procured by the party to the offer
making the disclosure or any person acting in concert with it (see Note 3 on Rule 2.11 of
the Code):
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All of the Offeree Directors who have personal interests in Offeree Shares have given irrevocable
undertakings to vote or procure the vote in favour of the offer (or, if implemented by way
of contractual takeover offer, accept or procure the acceptance of such offer) as follows: Name Number of Offeree % of issued share capital
Shares of Offeree
------------------ ------------------ --------------------------
John Conlin 100,000 0.02
------------------ ------------------ --------------------------
Rowen Bainbridge 439,647 0.09
------------------ ------------------ --------------------------
John Matthews 25,000 0.01
------------------ ------------------ --------------------------
David Prior 2,931,345 0.59
------------------ ------------------ --------------------------
David Walker 121,603 0.02
------------------ ------------------ --------------------------
In addition the Offeree Directors have agreed that the undertaking to vote in favour of the
Scheme at the Court Meeting and the resolutions at the General Meeting will extend to Offeree
Shares issued to them before the meetings on the exercise of certain options.
The undertakings given by the Offeree Directors only cease to be binding if the Offeror announces,
with the consent of the Panel, that it does not intend to proceed with the offer and no new,
revised or replacement offer is announced by the Offeror in accordance with Rule 2.7 of the
Code at the same time or in circumstances where a condition to the Scheme is invoked or it
fails to become effective by the 30 June 2013 and no new, revised or replacement offer or
Scheme has been announced in its place within 5 Business Days of such date.
Institutional Irrevocable Undertakings
Certain Offeree Shareholders have given irrevocable undertakings to vote or procure the vote
in favour of the offer (or, if implemented by way of contractual takeover offer, accept or
procure the acceptance of such offer) as follows: Name Number of Offeree % of issued share
Shares capital of Offeree
---------------------------- ------------------ --------------------
Toscafund Asset Management
LLP 117,830,871 23.84
---------------------------- ------------------ --------------------
Kulczyk Investments
S.A. 68,055,728 13.77
---------------------------- ------------------ --------------------
Lord Sainsbury 21,980,359 4.45
---------------------------- ------------------ --------------------
The irrevocable undertakings given by each of Toscafund Asset Management LLP and Kulczyk Investments
S.A. will cease to be binding in circumstances where they have provided notice to Offeror
that they intend to accept a third party proposal to acquire the entire issued share capital
of Offeree and such proposal:
represents a substantially improved proposal when compared with the offer; and
(ii) a period of ten days has elapsed from the announcement of such third party offer without
the Offeror having revised the terms of the offer so that the value of the revised offer exceeds
the value of the proposal by such third party.
The irrevocable undertaking given by Lord Sainsbury will cease to be binding in circumstances
where he has provided notice to the Offeror that he intends to accept a third party proposal
to acquire the entire issued share capital of the Offeree and such proposal:
(i) represents a substantially improved proposal when compared with the offer;
(ii) is recommended by the board of directors of the Offeree; and
(iii) a period of ten days has elapsed from the announcement of such third party offer without
the Offeror having revised the terms of the offer so that the value of the revised offer exceeds
the value of the proposal by such third party.
Letter of Intent
A letter of intent has been received from Cheyne Capital Management (UK) LLP in relation to
the Offeree Shares set out below. Name Number of Offeree % of issued share capital
Shares of Offeree
--------------------------- ------------------ --------------------------
Cheyne Capital Management
(UK) LLP 23,598,420 4.77
--------------------------- ------------------ --------------------------
The letter of intent states Cheyne Capital Management (UK) LLP's current intention to use
its reasonable endeavours to persuade the owner of the 23,598,420 Offeree Shares, in relation
to which it holds contracts for difference, to vote in favour of the offer.
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3. POSITIONS OF PERSONS ACTING IN CONCERT WITH THE PARTY TO THE OFFER MAKING THE DISCLOSURE
Details of any interests, short positions and rights to subscribe of any person acting in
concert with the party to the offer making the disclosure:
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None
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If there are positions or rights to subscribe to disclose in
more than one class of relevant securities of the offeror or
offeree named in 1(c), copy table 3 for each additional class of
relevant security.
Details of any open derivative or option positions, or
agreements to purchase or sell relevant securities, should be given
on a Supplemental Form 8 (Open Positions).
Details of any securities borrowing and lending positions or
financial collateral arrangements should be disclosed on a
Supplemental Form 8 (SBL).
4. OTHER INFORMATION
(a) Indemnity and other dealing arrangements
Details of any indemnity or option arrangement, or any agreement or understanding, formal
or informal, relating to relevant securities which may be an inducement to deal or refrain
from dealing entered into by the party to the offer making the disclosure or any person acting
in concert with it:
If there are no such agreements, arrangements or understandings, state "none"
------------------------------------------------------------------------------------------------
None
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(b) Agreements, arrangements or understandings relating to options or derivatives
Details of any agreement, arrangement or understanding, formal or informal, between the party
to the offer making the disclosure, or any person acting in concert with it, and any other
person relating to:
(i) the voting rights of any relevant securities under any option; or
(ii) the voting rights or future acquisition or disposal of any relevant securities to which
any derivative is referenced:
If there are no such agreements, arrangements or understandings, state "none"
----------------------------------------------------------------------------------------------
None
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(c) Attachments
Are any Supplemental Forms attached?
Supplemental Form 8 (Open Positions) NO
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Supplemental Form 8 (SBL) NO
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Date of disclosure: 12/11/12
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Contact name: Ray King
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Telephone number: +44 20 3617 3913
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Public disclosures under Rule 8 of the Code must be made to a
Regulatory Information Service and must also be emailed to the
Takeover Panel at monitoring@disclosure.org.uk. The Panel's Market
Surveillance Unit is available for consultation in relation to the
Code's dealing disclosure requirements on +44 (0)20 7638 0129.
The Code can be viewed on the Panel's website at
www.thetakeoverpanel.org.uk.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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