Cloudbreak Regulatory News (CDL)

3 Sep 2007 18:06

Cardinal Resources plc03 September 2007 RULE 2.10 ANNOUNCEMENTLONDON - Monday, 3rd September 2007 Cardinal Resources plc (AIM:CDL) ("Cardinal" or "the Company"), an independent oil and gas exploration and production company operating in Ukraine, today confirms that in accordance with Rule 2.10 of the City Code on Takeovers and Mergers, it has 114,554,108 ordinary shares of 20 pence each in issue which are admitted to trading on AIM under UK ISIN code GB00B03XK508. Dealing Disclosure Requirements: Under the provisions of Rule 8.3 of the City Code on Takeovers and Mergers (the 'Code'), if any person is, or becomes, 'interested' (directly or indirectly) in 1% or more of any class of 'relevant securities' of Cardinal, all 'dealings' in any 'relevant securities' of that company (including by means of an option in respect of, or a derivative referenced to, any such 'relevant securities') must be publicly disclosed by no later than 3.30pm (London time) on the London business day following the date of the relevant transaction. This requirement will continue until the date on which the offer becomes, or is declared, unconditional as to acceptances, lapses or is otherwise withdrawn or on which the 'offer period' otherwise ends. If two or more persons act together pursuant to an agreement or understanding, whether formal or informal, to acquire an 'interest' in 'relevant securities' of Cardinal, they will be deemed to be a single person for the purpose of Rule 8.3. Under the provisions of Rules 8.1 of the Code, all 'dealings' in 'relevant securities' of Cardinal by a potential offeror, or Cardinal, or by any of their respective 'associates', must be disclosed by no later than 12.00 noon (London time) on the London business day following the date of the relevant transaction. A disclosure table, giving details of the companies in whose 'relevant securities' 'dealings' should be disclosed, and the number of such securities in issue, can be found on the Takeover Panel's website at: www.thetakeoverpanel.org.uk. 'Interests in securities' arise, in summary, when a person has long economic exposure, whether conditional or absolute, to changes in the price of securities. In particular, a person will be treated as having an 'interest' by virtue of the ownership or control of securities, or by virtue of any option in respect of, or derivative referenced to, securities. Terms in quotation marks are defined in the Code, which can also be found on the Panel's website. If you are in any doubt as to whether or not you are required to disclose a 'dealing' under Rule 8, you should consult the Panel. For further information please contact: Cardinal Resources Nominated Adviser Charles Green / Natalia Egorova Nabarro Wells & Co. Limited +44 (0) 20 7936 5250 John Wilkes / Marc Cramsie investor.relations@cardinal-uk.com +44 (0) 20 7710 7400 cardinal@nabarro-wells.co.uk Notes to EditorCardinal Resources plc is an independent oil and gas company engaged in the acquisition, development, production and exploration of oil and natural gas properties in Ukraine. Cardinal is an experienced operator in the country focused on expanding its existing operations through the farm-in or acquisition of additional upstream oil and gas assets that can be further developed through the application of modern technology and expertise. This information is provided by RNS The company news service from the London Stock Exchange