8 Jan 2020 07:00
BLAKE HOLDINGS LIMITED
8 January 2020
NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, IN WHOLE OR IN PART, DIRECTLY OR INDIRECTLY IN, INTO OR FROM ANY JURISDICTION WHERE TO DO SO WOULD CONSTITUTE A VIOLATION OF THE RELEVANT LAWS OR REGULATIONS OF THAT JURISDICTION
BLAKE HOLDINGS LIMITED
MANDATORY CASH OFFER
for
HARDY OIL & GAS PLC
UPDATE ON OFFER
On 25 November 2019, Blake Holdings Limited ("Blake") announced, pursuant to Rule 2.7 of the Takeover Code, that it had agreed to purchase 9,179,163 ordinary shares of US$0.01 each in the capital of Hardy Oil & Gas Plc ("Hardy ") and as a result was required under Rule 9 of the Takeover Code to make a mandatory cash offer to acquire the entire issued and to be issued ordinary share capital of Hardy other than the shares already held by Blake (or any persons acting in concert with it) (the "Offer"). The full terms and condition of the Offer, together with the procedures for acceptance of the Offer, were set out in the offer document issued by Blake on 13 December 2019 (the "Offer Document") and, in respect of certificated Hardy Shares, the accompanying Form of Acceptance.
On 6 January 2020, Blake announced that the Offer had been declared unconditional in all respects and that it would, therefore, remain open for acceptance until 1:00pm (London time) on Tuesday 21 January 2020.
Capitalised terms used in this announcement, unless otherwise defined, have the same meanings as set out in the Offer Document.
Level of acceptances
As at 1:00pm (London time) on Tuesday 7 January 2020, being the First Closing Date under the Offer, Blake had received valid acceptances to the Offer in respect of a total of 18,041,698 Hardy Shares, representing approximately 24.46 per. cent of Hardy's existing issued share capital, which may count towards the satisfaction of the acceptance condition to the Offer.
Blake holds 31,182,297 Hardy Shares, representing 42.27% of the existing issued ordinary share capital, and voting rights, of Hardy. Accordingly, as at 1:00pm (London time) on 7 January 2020, Blake owned or had received valid acceptances in respect of a total of 49,223,995 Hardy Shares, representing approximately 66.73 per. cent of Hardy 's entire issued share capital.
The percentages listed in this announcement are based on a current issued share capital of 73,764,035 Hardy Shares.
Offer closing date
Hardy Shareholders who wish to accept (and have not yet validly accepted) the Offer are urged to take action as soon as possible, and in any event by no later than the Offer closing date of 1:00pm (London time) on Tuesday 21 January 2020.
Acceptance procedure
If you hold your Hardy Shares in Certificated Form (that is, not in CREST), to accept the Offer you must complete the Form of Acceptance enclosed with the Offer Document in accordance with the instructions printed on it. Return the completed Form of Acceptance (along with your share certificate(s) and/or other documents of title) ) to the Receiving Agent, by post, or by hand (during normal business house only) at Neville Registrars Limited, Neville House, Steelpark Road, Halesowen B62 8HD, as soon as possible but, in any event, so as to be received no later than 1.00 p.m. (London time) on 21 January 2020. If you are posting in the UK, a reply-paid envelope was enclosed with the Form of Acceptance for your convenience.
If you hold your Hardy Shares in Uncertificated Form (that is, in CREST), to accept the Offer you must follow the procedure set out on pages 20 to 23 of the Offer Document so that the TTE Instruction settles no later than 1.00pm (London time) on 21 January 2020. If you hold your Hardy Shares as a Crest Sponsored Member, you should refer to your CREST Sponsor as only your CREST Sponsor will be able to send the necessary TTE instruction to Euroclear.
If you require assistance in completing your Form of Acceptance (or wish to obtain an additional Form of Acceptance), or have questions in relation to making an electronic acceptance, please contact the Receiving Agent on 0121 585 1131 (if calling from within the UK) or + 44 121 585 1131 (if calling from outside the UK) between 9.00 a.m. to 5.00 p.m. (London time) Monday to Friday. Calls to the Receiving Agent from within the UK are charged at your network provider's standard rates. Calls to the helpline from outside the UK will be charged at the applicable international rate. Alternatively, you may contact the Receiving Agent, Neville Registrars Limited, in writing at Neville House, Steelpark Road, Halesowen B62 8HD. You should note that the Receiving Agent cannot provide advice on the merits of the Offer nor give any financial, legal or tax advice.
Website publication and further copies
In accordance with Rule 26.1 of the Takeover Code, a copy of this announcement will be published (subject to certain restrictions relating to persons in Restricted Jurisdictions) on Blake's website at www.blake.je and on Hardy 's website at www.hardyoil.com by no later than 12 noon (London time) on the business day following the publication of this announcement. The contents of Blake's and Hardy's websites are not incorporated into, and do not form part of, this announcement.
Further copies of this announcement, the Offer Document and the Form of Acceptance may be obtained from the Receiving Agent, Neville Registrars Limited, on 0121 585 1131 (if calling from within the UK) or + 44 121 585 1131 (if calling from outside the UK Lines are open from 9.00 a.m. to 5.00 p.m (London time) Monday to Friday (excluding public holidays). Calls may be recorded and randomly monitored for security and training purposes. The helpline cannot provide advice on the merits of the Offer nor give any financial, legal or tax advice. Calls are charged at the standard geographic rate and will vary by provider. Calls outside the United Kingdom will be charged at the applicable international rate. A hard copy of this announcement will not be sent unless requested. Any such person may request that all future documents, announcements and information in relation to the Offer should be sent to them in hard copy form.
Enquiries:
SPARK Advisory Partners Limited
(Financial adviser to Blake) Telephone: 020 3368 3550
Name Matt Davis
Name James Keeshan
Blake: Telephone: 01534 719761
Richard Griffiths, Director
Michael Bretherton, Director