Forum Awaits PPC's Cash Offer to Acquire the Company's Shares
The Board of Forum has noted the announcement made earlier today by Philex Petroleum Corporation setting out the terms of a cash offer to be made by PPC to acquire all of the issued and to be issued ordinary shares of the Company which are not already owned or otherwise contracted to be acquired by PPC or any of its associates.
The Offer, which values each ordinary share of Forum at 48p and Forum's entire issued share capital at approximately £13.8 million, is being made solely because PPC is required to do so under the rules of the Takeover Code following its acquisition of 4,004,000 ordinary shares of Forum on July 1, 2008.
The Board will consider the offer document once it is posted by PPC and will respond to the Offer in due course.
At this time the Board advises Forum's shareholders to take no action regarding the Offer until they have had the opportunity to consider the Board's response to the Offer. This response will be sent to Forum's shareholders following the posting of PPC's offer document, and further announcements will be made as appropriate.
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