10 Aug 2009 13:58
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
10 August 2009
STERLING ENERGY PLC
("Sterling" or the "Company")
Response to share price movement
Sterling Energy (symbol: SEY), an AIM listed independent oil & gas exploration and production company, with interests in the Gulf of Mexico, Africa and the Middle East, notes the recent movement in its share price and updates the market that, within the context of determining a long-term solution to Sterling's financing position, it is continuing to consider its strategic options.
The Company confirms that it is currently exploring a number of options including a sizeable placing of new equity at a significant discount to the current market price.
In addition, the Company continues to hold discussions with interested third parties regarding the sale of assets or the sale of the Company. Sterling emphasises that there is no certainty an offer for the Company will be forthcoming.
Enquiries
Sterling Energy Plc (+44 20 7405 4133)
Graeme Thomson, CEO
Jon Cooper, FD
Rothschild (+44 20 7280 5000)
(Financial Adviser)
Neeve Billis
David Hemmings
Evolution Securities (+44 20 7071 4300)
Nominated Adviser and Broker
Rob Collins
Chris Sim
Citigate Dewe Rogerson (+44 20 7638 9571)
Martin Jackson
Emma Woollaston
Web site: www.sterlingenergyplc.com
Notes to editors
The Directors of Sterling accept responsibility for the information contained in this announcement. To the best of knowledge and belief of the Directors, who have taken all reasonable care to ensure 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.
Rothschild, who is authorised and regulated by the Financial Services Authority in the United Kingdom, is acting as financial adviser to Sterling and no one else in connection with the contents of this announcement and will not be responsible to anyone other than Sterling for providing the protections afforded to clients of Rothschild or for providing advice in relation to the contents of this announcement.
Evolution Securities, who is authorised and regulated by the Financial Services Authority in the United Kingdom, is acting as NOMAD and broker to Sterling and no one else in connection with the contents of this announcement and will not be responsible to anyone other than Sterling for providing the protections afforded to clients of Evolution Securities or for providing advice in relation to the contents of this announcement.
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 .
"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.