Star Energy Regulatory News (STAR)

6 Dec 2007 18:15

Star Energy Group PLC06 December 2007 6 December 2007 Star Energy Group plc ("Star Energy" or the "Company") Offer update The Board of Star Energy notes the announcement by PICL that an offer documenthas today been posted to shareholders of Star Energy in relation to themandatory cash offer by PICL of 365 pence per share (the "Offer Document"). The Offer Document does not contain a recommendation from the Board of StarEnergy. The Board of Star Energy, having consulted with its advisers andsignificant shareholders, other than PICL, believes that the offer by PICLundervalues the business and its prospects and is actively pursuing all optionsto maximise shareholder value. In accordance with Rule 30.2 of the Takeover Code, a circular containing theBoard's opinion will be published as soon as practicable and the Board of StarEnergy recommends that shareholders take no action at this time. A further announcement will be made when appropriate. 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 Star Energy, all "dealings" in any"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until the date on which the offer becomes, or is declared,unconditional as to acceptances, lapses or is otherwise withdrawn or on whichthe "offer period" otherwise ends.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 Star Energy, they will be deemed to be asingle person for the purpose of Rule 8.3. Under the provisions of Rule 8.1 of the Code, all "dealings" in "relevantsecurities" of Star Energy by any of their respective "associates", must bedisclosed 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 "relevantsecurities" "dealings" should be disclosed, and the number of such securities inissue, can be found on the Takeover Panel's website atwww.thetakeoverpanel.org.uk. "Interests in securities" arise, in summary, when a person has long economicexposure, whether conditional or absolute, to changes in the price ofsecurities. In particular, a person will be treated as having an "interest" byvirtue of the ownership or control of securities, or by virtue of any option inrespect 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 on telephonenumber +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 Limited Tel: 020 7678 8000Andrew FosterStephen Bowler Citi Tel: 020 7986 4000Andrew ChapmanMark Todd Financial Dynamics Tel: 020 7831 3113Ben Brewerton 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 thefacts and does not omit anything likely to affect the import of suchinformation. Hoare Govett Limited, which is regulated in the United Kingdom by the FinancialServices Authority, is acting for Star Energy and for no one else in connectionwith the offer and will not be responsible to anyone other than Star Energy forproviding the protections afforded to its clients nor for providing advice inrelation to the offer nor any other matter referred to herein. Citigroup Global Markets Limited ("Citi"), which is regulated in the UnitedKingdom by the Financial Services Authority, is acting for Star Energy and forno one else in connection with the offer and will not be responsible to anyoneother than Star Energy for providing the protections afforded to its clients norfor providing advice in relation to the offer nor any other matter referred toherein. This information is provided by RNS The company news service from the London Stock Exchange