UPDATE: Centrica Achieves 58.7% Stake In Venture
Since its announcement Monday morning, Centrica Resources has acquired, subject to settlement, an additional 12,566,274 Shares representing approximately 8.4 percent. of the existing issued share capital of Venture, at 845 pence per Share. Accordingly, Centrica Resources has acquired, subject to settlement, 25,172,737 Shares in aggregate today. As a result, Centrica Resources now owns or has acquired, subject to settlement, a total of 72,559,965 Shares representing approximately 48.4 percent. of the existing issued share capital of Venture.
Accordingly, taking the acceptance level as at 5 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 87,868,240 Shares, representing in aggregate approximately 58.7 percent. 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 percent 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 Monday, 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).
Capitalized terms used but not defined in this announcement shall have the meaning given to them in the Offer Document.
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