Centrica PLC (VPC.LN), said Friday J.P. Morgan Securities Ltd. (JPMSL.LN) has Friday advised the company it has submitted an acceptance to Centrica Resources, a wholly-owned subsidiary of Centrica, in relation to the offer in circumstances in which it was not permitted to do so under the Code.

MAIN FACTS:

-JPMSL, which is for the purposes of the code an "exempt principal trader" connected with Centrica Resources, and is thereby permitted to own shares in Venture for its own account, submitted in error an acceptance in respect of 962,490 shares which were held by JPMSL as a hedge for a client swap.

-Pursuant to Rule 38.3 of the code, an "exempt principal trader" connected with an offeror is not permitted to accept an offer until the offer is unconditional as to acceptances.

-Accordingly, and in accordance with the terms of the offer and Rule 38.3, the acceptance by JPMSL of the offer in respect of the JPMSL shares is invalid and the JPMSL shares should not have been included for the purposes of determining the levels of valid acceptances of the offer as at 1.00 p.m. BST on Aug. 13.

-The terms, process and timetable of the offer remain unaffected and there are no other consequences arising for the offer as a result of this matter.

-As at 1.00 p.m. BST on Aug. 13, being the first closing date of the Offer, Centrica Resources had received valid acceptances in respect of 15,303,884 Shares, representing 10.2% of the current issued share capital of Venture and 8.8% of the ordinary share capital of Venture on a fully diluted basis.

-Centrica Resources already owned 44,781,179 shares representing 29.9% of the current issued share capital of Venture and 25.8% of the ordinary share capital of Venture on a fully diluted basis.

-Accordingly, as at 1.00 p.m. BST on Aug. 13, Centrica Resources either owned or, had received valid acceptances of the offer in respect of a total of 60,085,063 shares, representing in aggregate 40.1%. of the issued share capital of Venture and 34.6% of the ordinary share capital of Venture on a fully diluted basis.

 
-By London Bureau, Dow Jones Newswires; Contact Ian Walker; +44 (0)20 7842 9296; ian.walker@dowjones.com
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