Burford Capital Regulatory News (BUR)

19 Nov 2007 07:18

Burren Energy PLC19 November 2007 NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION IN, INTO OR FROM AUSTRALIA, CANADA,JAPAN OR THE UNITED STATES 19 November 2007 Burren Energy plc ("Burren" or the "Company") Response to statement by Eni SpA The Board of Burren (the "Board") has noted today's announcement by Eni SpA("Eni") that it is withdrawing from discussions concerning a possible offer forthe Company. Following receipt of a revised proposal on 16th November, 2007, theBoard indicated to Eni that it was prepared to enter negotiations. However, Eniwas not prepared to increase its proposed price of 1200p per share, which failsin the view of the Board to reflect the fundamental and strategic value ofBurren's assets. The Company continues to develop its business actively and iscurrently pursuing a number of initiatives which it expects to enhanceshareholder value in due course. Contact information:Burren: +44 (0) 20 7484 1900Atul Gupta, Chief ExecutiveAndrew Rose, Chief Financial Officer UBS: +44 (0) 20 7567 8000Adrian HaxbyDavid WaringNeil Patel Pelham: +44 20 7743 6673James HendersonAlisdair Haythornthwaite Dealing Disclosure Requirements Under the provisions of Rule 8.3 of the Takeover Code (the "Code"), if anyperson is, or becomes, "interested" (directly or indirectly) in 1% or more ofany class of "relevant securities" of Burren, all "dealings" in any "relevantsecurities" of Burren (including by means of an option in respect of, or aderivative referenced to, any such "relevant securities") must be publiclydisclosed by no later than 3.30 pm (London time) on the London business dayfollowing the date of the relevant transaction. This requirement will continueuntil the date on which the offer becomes, or is declared, unconditional as toacceptances, lapses or is otherwise withdrawn or on which the "offer period"otherwise ends. If two or more persons act together pursuant to an agreement orunderstanding, whether formal or informal, to acquire an "interest" in "relevantsecurities" of Burren, they will be deemed to be a single person for the purposeof Rule 8.3. Under the provisions of Rule 8.1 of the Code, all "dealings" in "relevantsecurities" of Burren by Burren, or by any "associates", must be disclosed by nolater than 12.00 noon (London time) on the London business day following thedate of the relevant transaction. A disclosure table, giving details of the companies in whose "relevantsecurities" "dealings" should be disclosed, and the number of such securities inissue, can be found on the Takeover Panel's website atwww.thetakeoverpanel.org.uk. "Interests in securities" arise, in summary, when a person has long economicexposure, whether conditional or absolute, to changes in the price ofsecurities. In particular, a person will be treated as having an "interest" byvirtue of the ownership or control of securities, or by virtue of any option inrespect of, or derivative referenced to, securities. Terms in quotation marks are defined in the Code, which can also be found on theTakeover Panel's website. If you are in any doubt as to whether or not you arerequired to disclose a "dealing" under Rule 8, you should consult the TakeoverPanel. This information is provided by RNS The company news service from the London Stock Exchange