23 Mar 2010 09:27
FOR IMMEDIATE RELEASE
Oil India Limited and Indian Oil Corporation Limited
Statement regarding Gulfsands Petroleum plc
In response to recent speculation concerning a possible offer for Gulfsands Petroleum plc ("Gulfsands"), Oil India Limited and Indian Oil Corporation Limited confirm that they have jointly made an approach regarding a possible all cash offer for Gulfsands.
There can be no certainty that an offer will be forthcoming.
Contacts:
Jonathan Wright
Seymour Pierce Limited 020 7107 8000
Dealing disclosure requirements
Under the provisions of Rule 8.3 of the Code, if any person is, or becomes, 'interested' (directly or indirectly) in 1 per cent. or more of any class of 'relevant securities' of Gulfsands, 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 3.30 p.m. (London time) on the Business Day following the date of the relevant transaction. This requirement will continue until the offer becomes, or is declared, unconditional as to acceptances, lapses or is otherwise withdrawn or on which the 'offer period' otherwise ends.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 Gulfsands, they will be deemed to be a single person for the purpose of Rule 8.3.
Under the provisions of Rule 8.1 of the Code, all 'dealings' in 'relevant securities' of Gulfsands by Oil India Limited, Indian Oil Corporation Limited or Gulfsands, 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 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, you should consult the Takeover Panel.
Seymour Pierce Limited, which is authorised and regulated in the United Kingdom by the Financial Services Authority, is acting as financial adviser to Oil India Limited and Indian Oil Corporation Limited and no one else in connection with this announcement and will not be responsible to anyone other than Oil India Limited and Indian Oil Corporation Limited for providing the protections afforded to clients of Seymour Pierce or for providing advice in connection with this announcement or any other matter referred to herein.