RNS19 Feb 2014 18:19
FTSE has noted the announcement by Essar Global Fund Ltd (EGFL) on 14 February 2014 confirming it is considering making, either itself or as part of a consortium, an offer for the minority shares in Essar Energy PLC (Essar Energy).
FTSE has also noted that under the UK Takeover Panel rules EGFL is required, by not later than 5.00 p.m. on 14 March 2014, to either announce a firm intention to make an offer or announce that it does not intend to make an offer. This deadline can be extended with the consent of the Takeover Panel.
Essar Energy currently has a free float under 25% and is therefore currently subject to FTSE's requirement to raise its free float to at least 25% by 4 March 2014 in order to remain eligible for inclusion in the FTSE UK Index Series.
In light of this development, the deadline for Essar Energy to meet FTSE's minimum free float rule has been suspended pending the outcome of the potential offer.
Once the outcome of the potential offer has been confirmed, FTSE will issue a further notice with regard to Essar Energy's future eligibility for inclusion in the FTSE UK Index Series.