Eco (atlantic) Regulatory News (ECO)

24 Sep 2009 07:00



For immediate release

24 September 2009

NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, IN WHOLE OR IN PART, IN OR INTO OR FROM AUSTRALIA, CANADA, JAPAN OR SOUTH AFRICA OR ANY OTHER JURISDICTION WHERE TO DO SO WOULD CONSTITUTE A VIOLATION OF THE RELEVANT LAWS OR REGULATIONS OF SUCH JURISDICTION

Recommended CASH OFFER 

FOR 

EcoSecurities GROUP plc

BY

CARBON ACQUISITION COMPANY LTD

LEVEL OF ACCEPTANCES

This announcement is made pursuant to Rule 17 of the Irish Takeover Rules following the announcement on 23 September 2009 of the increased cash offer by Carbon Acquisition Company for the entire issued and to be issued share capital of EcoSecurities.

Level of acceptances

As at 5:00 p.m. on 23 September 2009, being the latest practicable time prior to the date of this announcement, valid acceptances of the Offer for EcoSecurities had been received in respect of a total of 10,046,774 EcoSecurities Shares (representing approximately 8.50 per cent. of the existing issued share capital of EcoSecurities). 

This amount includes 10,018,621 EcoSecurities Shares (representing approximately 8.48 per cent. of the existing issued share capital of EcoSecurities) in respect of which irrevocable undertakings were received as described in the Offer Document.

No acceptances of the Offer have been received from persons acting in concert with Carbon Acquisition Company where that person has a beneficial interest in the relevant EcoSecurities Shares.

EcoSecurities Shares held prior to the offer period

As at close of business on 2 September 2009, being the last Business Day prior to the offer period in respect of the Offer (for the purposes of Rule 17 of the Irish Takeover Rules), the following persons who are deemed to be acting in concert with Carbon Acquisition Company were interested in relevant securities of EcoSecurities:

Name	Number of EcoSecurities Shares	Percentage of the existing issued share capital of EcoSecurities	Nature of Interest
Bear Stearns International Trading Ltd	446,349	0.38 per cent.	Beneficial Interest
Chase Nominees Limited	338,966	0.29 per cent.	Held as custodian
J.P. Morgan Clearing Corporation	39,000	0.03 per cent.	Held as custodian

General

Save as disclosed in this announcement and pursuant to the irrevocable undertakings described in the Offer Document, as at 23 September 2009, the last Business Day before this announcement, neither Carbon Acquisition Company nor, so far as Carbon Acquisition Company is aware, any person acting in concert with Carbon Acquisition Company is interested in or holds any short positions in any class of relevant securities of EcoSecurities.

Any additional interest(s) or dealing(s) of persons presumed to be acting in concert with Carbon Acquisition Company that come to its attention which will be discussed with the Irish Takeover Panel and, as necessary, will be announced if requested by the Irish Takeover Panel.

Enquiries

For further information contact:

J.P. Morgan plc
David Wells	Tel: +44 (0) 20 7325 8504
J.P. Morgan plc (M&A) (Financial adviser to Carbon Acquisition Company)
Eamon Brabazon	Tel: +44 (0) 20 7742 4000
Tilman Pohlhausen	Tel: +44 (0) 20 7742 4000
Alex Garner	Tel: +44 (0) 20 7588 2828

Further information

Terms defined in the Offer Document dated 15 September 2009 have the same meanings when used in this announcement.

References to percentages of the existing issued share capital of EcoSecurities are calculated on the basis set out in the Offer Document.

The availability of the Offer to persons outside Ireland and the United Kingdom may be affected by the laws of the relevant jurisdiction. Such persons should inform themselves about and observe any applicable requirements. The Offer is not being made, directly or indirectly, in or into or from or by use of the mails of or by any means of instrumentality (including, without limitation, telephonically or electronically) of inter-state or foreign commerce of or any facilities of a national securities exchange of any jurisdiction where it would be unlawful to do so. Persons receiving such documents (including, without limitation, nominees, trustees and custodians) should observe these restrictions. Failure to do so may invalidate any related purported acceptance of the Offer.  Notwithstanding the foregoing restrictions, Carbon Acquisition Company reserves the right to permit the Offer to be accepted if, in its sole discretion, it is satisfied that the transaction in question is exempt from or not subject to the legislation or regulation giving rise to the restrictions in question.

The Carbon Acquisition Company Responsible Persons accept responsibility for the information contained in this announcement. To the best of the knowledge and belief of the Carbon Acquisition Company Responsible Persons (who have taken all reasonable care to ensure that such is the case), the information contained in this announcement is in accordance with the facts and does not omit anything likely to affect the import of such information. 

J.P. Morgan plc which is authorised and regulated in the United Kingdom by the Financial Services Authority is acting exclusively for Carbon Acquisition Company in connection with the Offer and no-one else and will not be responsible to anyone other than Carbon Acquisition Company for providing the protections afforded to clients of J.P. Morgan plc or for providing advice in relation to the Offer or any other matters referred to in this announcement.

This announcement does not constitute an offer or an invitation to purchase or subscribe for any securities. Any response in relation to the Offer should only be made on the basis of the information contained in the Offer Document.

Dealing disclosure requirements

Under the provisions of Rule 8.3 of the Irish Takeover Rules, if any person is, or becomes, "interested" (directly or indirectly) in, one per cent or more of any class of "relevant securities" of EcoSecurities, all "dealings" in any "relevant securities" of EcoSecurities (including by means of an option in respect of, or a derivative referenced to, any such "relevant securities") must be publicly disclosed by not later than 3.30pm (Dublin time) on the 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 or lapses or is otherwise withdrawn or on which the "offer period" otherwise ends. If two or more persons co-operate on the basis of any agreement, either express or tacit, either oral or written, to acquire an "interest" in "relevant securities" of EcoSecurities, they will be deemed to be a single person for the purpose of Rule 8.3 of the Irish Takeover Rules.

Under the provisions of Rule 8.1 of the Irish Takeover Rules, all "dealings" in "relevant securities" of EcoSecurities by Carbon Acquisition Company or EcoSecurities, or by any of their respective "associates" must also be disclosed by no later than 12 noon (Dublin time) on the 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 can be found on the Irish Takeover Panel's website at www.irishtakeoverpanel.ie.

"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 Irish Takeover Rules, which can also be found on the Irish Takeover Panel's website. If you are in any doubt as to whether or not you are required to disclose a dealing under Rule 8, please consult the Irish Takeover Panel's website at www.irishtakeoverpanel.ie or contact the Irish Takeover Panel on telephone number +353 (0)1 678 9020; fax number +353 (0)1 678 9289.

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