SEY.L Regulatory News (SEY)

30 Jun 2009 09:17



NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION IN WHOLE OR IN PART IN, INTO OR FROM ANY JURISDICTION WHERE TO DO SO WOULD CONSTITUTE A VIOLATION OF THE RELEVANT LAWS OR REGULATIONS OF THAT JURISDICTION

30 June 2009

STERLING ENERGY PLC

("Sterling" or the "Company")

Board Change

Sterling (symbol: SEY), is an AIM listed independent oil & gas exploration and production company with interests in the Gulf of Mexico, Africa and the Middle East.

In September 2008, it was announced that Mr. Harry Wilson, Executive Deputy Chairman and former CEO, would leave the Company no later than the end of September 2009. Having decided not to stand for re-election at today's AGM, Mr. Wilson will today step down from the Company's Board of Directors.  Harry will continue to act as an advisor to the Board. 

Enquiries

Sterling Energy Plc (+44 20 7405 4133) Web site: www.sterlingenergyplc.com 

Dick Stabbins, Chairman

Graeme Thomson, CEO

Evolution Securities (+44 20 7071 4300)

Rob Collins 

Chris Sim

N M Rothschild & Sons Limited (+44 20 7280 5000)

Neeve Billis

Citigate Dewe Rogerson (+44 20 7638 9571)

Martin Jackson

George Cazenove

Dealing Disclosure Requirements

Under the provisions of Rule 8.3 of the Takeover Code (the "Code"), if any person is, or becomes, "interested" (directly or indirectly) in 1% or more of any class of "relevant securities" of STERLING, 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 pm (London time) on the London business day following the date of the relevant transaction. This requirement will continue until the date on which any offer (if made) becomes, or is declared, unconditional as to acceptances, lapses or is otherwise withdrawn or on which the "offer period" otherwise ends.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 STERLING, 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 STERLING by STERLING, or by any of its "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 http://www.thetakeoverpanel.org.uk/new/.

"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 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 Panel.