Response to the extension of the Centrica offer
August 14 2009 - 8:19AM
UK Regulatory
TIDMVPC TIDMCNA
RNS Number : 4786X
Venture Production plc
14 August 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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| 14 August 2009 |
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| FOR IMMEDIATE RELEASE | |
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Response to the extension of the Centrica Offer
The Board of Venture Production plc ("Venture") notes the announcement by
Centrica Resources (UK) Limited ("Centrica") of the level of acceptances it has
received by the first closing date for its offer and the extension Centrica have
now made.
The Board of Venture continues to believe that Centrica's opportunistic final
offer substantially undervalues Venture. The Board of Venture continues to
recommend that shareholders reject the Centrica Offer.
John Morgan, Chairman of Venture commented:
"Only by rejecting Centrica's offer and making it lapse will shareholders have
the opportunity to realise the real value of their investment, whether by
forcing Centrica to pay a fair price or through the continuation of the Board's
strategy to exploit the Company's unique portfolio of assets in the North Sea.
My message to shareholders remains 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."
Enquiries:
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| Venture Production plc | Telephone: |
| Mike Wagstaff, Chief Executive | +44 122 461 9000 |
| Brunswick | Telephone: |
| Patrick Handley | +44 207 404 5959 |
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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, 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.
Lambert Energy Advisory Limited, 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 Lambert Energy Advisory Limited or for providing advice in
relation to the contents of this announcement.
UBS Investment Bank, is acting as financial adviser 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.
Oriel Securities Limited, which is authorised and regulated by the Financial
Services Authority in the United Kingdom, is acting as financial adviser 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.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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