The condition relating to regulatory approvals and clearances from required competition authorities has been fulfilled. The due diligence condition was fulfilled on October 29, 2007. Therefore, the only remaining conditions to the Voluntary Offer are the requirement for a 90% acceptance level and the material adverse change condition. Parker is not aware of the material adverse change condition having been breached.
If Parker receives acceptances for 90% of the issued share capital of Scan Subsea prior to the expiry of the offer period, which is on 14 November 2007 at 16:30, Parker intends to proceed with earlier settlement than set forth in the offer document, in which case settlement with shareholders who have accepted would take place promptly following the 90% acceptance level being reached. The offer remains open for remaining shareholders until 14 November as described in the offer document. The details of the Voluntary Offer are described in the offer document dated 15 October 2007, sent to all shareholders of Scan Subsea. Pareto Securities is Parker's financial advisor.
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