NAUT.L Regulatory News (NAUT)

13 Sep 2007 07:01

Global Energy Development PLC13 September 2007 For Immediate Release 13 September 2007 GLOBAL ENERGY DEVELOPMENT PLC STATEMENT RE POTENTIAL OFFER Global Energy Development PLC ("Global" or the "Company"), the Latin Americafocused petroleum exploration and production company (LSE-AIM: "GED"), announcesthat it has received several unsolicited expressions of interest from separateparties which may or may not lead to an offer or offers being made for theCompany. The Company is making this announcement as a result of the number ofunsolicited approaches made, in accordance with Rule 2.2(e) of The City Code onTakeovers and Mergers. The Board of the Company is currently evaluating these expressions of interest,which have mostly arisen out of commercial discussions the Company has beenconducting over recent months with potential partners for its projects, andfurther announcements in respect of any potential offer will be made by theCompany in due course. The Company will be announcing its interim results for the six months ended 30June 2007 on 19 September 2007. Dealing Disclosure Requirements: Under the provisions of Rule 8.3 of the Takeover Code (the "Code"), if anyperson is, or becomes, "interested" (directly or indirectly) in 1% or more ofany class of "relevant securities" of the offeree company, all "dealings" inany "relevant securities" of that company (including by means of an option inrespect of, or a derivative referenced to, any such "relevant securities") mustbe publicly disclosed by no later than 3.30 pm (London time) on the Londonbusiness day following the date of the relevant transaction. This requirementwill continue until the date on which the offer becomes, or is declared,unconditional as to acceptances, lapses or is otherwise withdrawn or on whichthe "offer period" otherwise ends. If two or more persons act together pursuantto an agreement or understanding, whether formal or informal, to acquire an "interest" in "relevant securities" of the offeree company, they will be deemedto be a single person for the purpose of Rule 8.3. Under the provisions of Rule 8.1 of the Code, all "dealings" in "relevantsecurities" of the offeree company by the offeror or the offeree company, or byany of their respective "associates", must be disclosed by no later than 12.00noon (London time) on the London business day following the date of the relevanttransaction. A disclosure table, giving details of the companies in whose "relevant securities" "dealings" should be disclosed, and the number of suchsecurities in issue, can be found on the Takeover Panel's website atwww.thetakeoverpanel.org.uk. "Interests in securities" arise, in summary, when aperson has long economic exposure, whether conditional or absolute, to changesin 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 ofany option in respect of, or derivative referenced to, securities. Terms in quotation marks are defined in the Code, which can also be found on thePanel's website. If you are in any doubt as to whether or not you are requiredto disclose a "dealing" under Rule 8, you should consult the Panel. For further information: Global Energy Development PLCCatherine Miles, Company Secretary +44 (0) 20 7763 7177www.globalenergyplc.com +44 (0) 7909918034 Landsbanki Securities (UK) Limtied +44 (0) 20 7426 9000(Financial Adviser to the Company)Jeff Keating / Fred Walsh This information is provided by RNS The company news service from the London Stock Exchange