Posting of Defence document
July 24 2009 - 7:20AM
UK Regulatory
TIDMVPC TIDMCNA
RNS Number : 2359W
Venture Production plc
24 July 2009
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| NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, IN WHOLE OR IN PART, IN, |
| INTO OR FROM ANY JURISDICTION WHERE TO DO SO WOULD CONSTITUTE A |
| VIOLATION OF THE RELEVANT LAWS OF SUCH JURISDICTION. |
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| |
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| 24 July 2009 |
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| |
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| FOR IMMEDIATE RELEASE | |
| | |
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Venture Production plc announces the posting of its circular to shareholders and
advises shareholders to reject Centrica Resources (UK) Limited's offer
The Board of Venture Production plc ('Venture') announces that it is today
posting a circular to shareholders ('Circular') explaining why it believes
shareholders should reject Centrica Resources (UK) Limited's ('Centrica') offer.
Mike Wagstaff, Chief Executive of Venture said:
"Venture has high quality oil and gas reserves and resources with significant
upside potential and a strong operational capability. We have the financial
strength and technical expertise already in place to continue to develop the
upside within our portfolio.
At a time when North Sea production is declining, our increasing production and
track record of being able to unlock 'stranded' resources will be of increasing
strategic importance. This strategic value is not reflected in the price that
Centrica has offered to Venture's shareholders.
I believe that Centrica's offer is opportunistic, taking advantage of
uncertainty and weakness in the equity and energy markets. The longer-term
outlook for energy prices is strong, from which Venture is ideally positioned to
benefit."
John Morgan, Chairman of Venture commented:
"Your Board believes that Centrica's offer substantially undervalues Venture.
The offer does not fairly reflect the value of Venture's reserves, nor
the significant going concern value of Venture or the key strategic value that
it offers Centrica.
My message to shareholders is clear - do not sell your shares on the cheap to
Centrica. Venture is worth substantially more than 845p per share.
Shareholders should not sign any document which Centrica or its advisers send to
them."
Further information for shareholders is contained in the circular being
posted today and which will be available later today on
www.venture-production.com and is available for inspection at:
Orrick, Herrington & Sutcliffe
Tower 42, Level 35
25 Old Broad Street
London EC2N 1HQ
Enquiries:
+-----------------------------------------------+--------------------------+
| Venture Production plc | Telephone: |
| Mike Wagstaff, Chief Executive | +44 122 461 9000 |
| Patrick Handley | +44 207 404 5959 |
| Brunswick | |
+-----------------------------------------------+--------------------------+
The Directors of Venture accept responsibility for the information contained in
this announcement. To the best of the knowledge and belief of the Directors, who
have taken all reasonable care to ensure such is the case, the information
contained in this announcement is in accordance with the facts and does not omit
anything likely to affect the import of such information.
N M Rothschild & Sons Limited ('Rothschild'), which is authorised and regulated
by the Financial Services Authority in the United Kingdom, is acting as
financial adviser to Venture and no one else in connection with the offer and
will not be responsible to anyone other than Venture for providing the
protections afforded to clients of Rothschild or for providing advice in
relation to the contents of this announcement or the matters referred to in the
Circular.
Lambert Energy Advisory Limited, which is authorised and regulated by the
Financial Services Authority in the United Kingdom, is acting as financial
advisor to Venture and no one else in connection with the offer and will not be
responsible to anyone other than Venture for providing the protections afforded
to clients of Lambert Energy Advisory Limited or for providing advice in
relation to the contents of this announcement or the matters referred to in the
Circular.
UBS Investment Bank, is acting as financial advisor and broker to Venture and no
one else in connection with the matters set out in this announcement and will
not be responsible to anyone other than Venture for providing the protections
afforded to clients of UBS Investment Bank or for providing advice in relation
to the contents of this announcement or the matters referred to in the Circular.
Oriel Securities Limited, which is authorised and regulated by the Financial
Services Authority in the United Kingdom, is acting as financial advisor and
broker to Venture and no one else in connection with the matters set out in this
announcement and will not be responsible to anyone other than Venture for
providing the protections afforded to clients of Oriel Securities Limited or for
providing advice in relation to the contents of this announcement or the matters
referred to in the Circular.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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