Cerillion Regulatory News (CER)

25 Sep 2007 07:04

Celtic Resources Holdings PLC25 September 2007 Celtic Resources Holdings Plc ("Celtic" or "the Company") Acquisition of shares by Severstal On 18 September 2007, Celtic announced that it had received a preliminaryapproach which may or may not lead to an offer for the Company. The board ofCeltic now confirms, following recent press speculation, that this approach,which was subject to a number of material conditions, was made by SeverstalResurs ZAO ("Severstal") at a price of 220p per share. The board unanimouslyrejected this approach as it considered this price very significantlyundervalued the Company and its prospects. The board of Celtic notes the Rule 8.1 announcement made by Severstal yesterdaythat it has acquired a further 2,586,556 shares in the Company at 232p pershare, via its subsidiary, Bluecone Limited to bring their holding to 26.6%. Shareholders should note that the board believes that, were an offer to be madefor Celtic at this level, it would again significantly undervalue the Companyand its prospects. Therefore Celtic shareholders are strongly urged to take noaction in respect of their shareholdings. Contact information: Kevin Foo / Jonathan Scott-BarrettCeltic Resources Holdings PlcTel: + 44 (0)20 7921 8800Investors@celticresources.com Leesa PetersConduit PRTel: +44 (0)20 7429 6606 / (0)792 292 3306jane@conduitpr.com Any person who is the holder of 1 per cent. or more of any class of shares inCeltic may be required to make disclosures pursuant to Rule 8.3 of the IrishTakeover Panel Act, 1997, Takeover Rules 2001 to 2006. The Directors of Celtic accept responsibility for the information contained inthis announcement and to the best of their knowledge and belief (having takenall reasonable care to ensure that such is the case), the information containedin this announcement is in accordance with the facts and, where appropriate,does not omit anything likely to affect the import of such information. This information is provided by RNS The company news service from the London Stock Exchange