Mandatory Cash Offer by Centrica for Venture Production as Centrica Achieves 50.3 per cent Level
Centrica Resources has so far this morning acquired, subject to settlement, a further 12,606,463 Shares, representing approximately 8.4 per cent. of the existing issued share capital of Venture, at 845 pence per Share. As a result, Centrica Resources now owns or has acquired, subject to settlement, a total of 59,993,691 Shares representing approximately 40.1 per cent. of the existing issued share capital of Venture.
Accordingly, taking the acceptance level as at 5.00 p.m. (London time) on Friday 21 August 2009 and Centrica Resources' holding in Venture at the time of this announcement, Centrica Resources either owns, has acquired subject to settlement or has received valid acceptances of the Offer in respect of a total of 75,301,966 Shares, representing in aggregate approximately 50.3 per cent. of the existing issued share capital of Venture.
The Offer is conditional solely on Centrica Resources having received acceptances in respect of Shares which, together with Shares acquired before or during the Offer, will result in Centrica Resources and any person acting in concert (within the meaning of the Code) with Centrica Resources holding, for the purposes of the Code, Shares carrying more than 50 per cent. of the voting rights of Venture.
Rule 10 of the Code only permits a purchase of shares to be counted towards fulfilling an acceptance condition if the purchaser has been registered as the holder of those shares or the transfer is otherwise certified by the offeree's registrar. As such, following settlement of the acquisitions announced today, Centrica Resources will be able to declare the Offer wholly unconditional. Centrica Resources expects that settlement of these purchases will occur on 27 August 2009.
The Offer is final and will not be increased, except that Centrica Resources reserves the right to revise and/or increase the Offer if a competitive situation arises.
Statements made by reference to the existing issued share capital of Venture are based on 149,769,828 Shares being in issue (as sourced from the Regulatory Information Service announcement released by Venture on 18 March 2009).
Capitalised terms used but not defined in this announcement shall have the meaning given to them in the Offer Document.
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