Star Energy Regulatory News (STAR)

20 Dec 2007 14:21

Star Energy Group PLC20 December 2007 For immediate release Star Energy Group plc20 December 2007 Not for release, publication or distribution in or into the United States, Canada, Australia or Japan Recommended Increased Offer by Petronas International Corporation Limited ("PICL") for Star Energy Group plc In accordance with Rule 30.2 of the City Code on Takeovers and Mergers, Star Energy has posted a document to its shareholders today outlining its advice tothem in relation to the recommended increased offer to be made by PICL toacquire all of the issued and to be issued Star Energy Shares not already held by PICL on the terms set out in the original offer document sent to Star Energyshareholders, by PICL, on 6 December 2007 (the "Recommended Increased Offer"). It is currently expected that the Recommended Increased Offer document will be posted on 2 January 2008, in which event the Recommended Increased Offer will initially remain open for acceptances until 16 January 2008. 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 Star Energy, 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until the date on which the offer becomes, or is declared, unconditional as to acceptances, lapses or is otherwise withdrawn or on which the "offer period" otherwise ends.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 Star Energy, 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 Star Energy by any of their respective "associates", must be disclosed by no later than 12.00 noon (London time) on the London business dayfollowing 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 inissue, 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 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 on telephone number +44 20 7382 9026; fax +44 20 7236 7005 or www.thetakeoverpanel.org.uk. ENQUIRIES: Star Energy Group plc Tel: 020 7925 2121Stephen Gutteridge, ChairmanRoland Wessel, Chief Executive Hoare Govett Tel: 020 7678 8000Andrew FosterStephen Bowler Citi Tel: 020 7986 4000Andrew ChapmanMark Todd Financial Dynamics Tel: 020 7831 3113Ben Brewerton/Edward Westropp The directors of Star Energy accept responsibility for the information containedin this announcement. To the best of the knowledge and belief of the directorsof Star Energy (who have taken all reasonable care to ensure that such is thecase), 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. Hoare Govett Limited, which is regulated in the United Kingdom by the Financial Services Authority, is acting for Star Energy and for no one else in connection with the offer and will not be responsible to anyone other than Star Energy for providing the protections afforded to its clients nor for providing advice in relation to the offer nor any other matter referred to herein. Citigroup Global Markets Limited ("Citi"), which is regulated in the United Kingdom by the Financial Services Authority, is acting for Star Energy and for no one else in connection with the offer and will not be responsible to anyone other than Star Energy for providing the protections afforded to its clients nor for providing advice in relation to the offer nor any other matter referred to herein. This information is provided by RNS The company news service from the London Stock Exchange