Star Energy Regulatory News (STAR)

25 Jan 2008 14:48

Petronas International Corp Ltd25 January 2008 NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION IN WHOLE OR IN PART IN OR INTO THEUNITED STATES, CANADA, AUSTRALIA OR JAPAN FOR IMMEDIATE RELEASE 25 January 2008 Recommended Increased and Unconditional Cash Offer by Petronas International Corporation Ltd for Star Energy Group PLC COMPULSORY ACQUISITION OF OUTSTANDING STAR ENERGY SHARES On 19 December 2007, Petronas International Corporation Ltd ("PICL") and StarEnergy Group PLC ("Star Energy") jointly announced (the "Recommended IncreasedOffer Announcement") that they had reached agreement on the terms of arecommended increased cash offer for the entire issued and to be issued sharecapital of Star Energy not already held by PICL at 380 pence per Star Energyshare (the "Revised Offer"). On 2 January 2008, PICL and Star Energy posted the offer document setting outthe terms of the Revised Offer (the "Revised Offer Document"). PICL announced on 16 January 2008 that by as at 1.00 p.m. on 16 January 2008,valid acceptances had been received in respect of a total of 40,909,984 StarEnergy shares, representing approximately 43.0 per cent. of the issued sharecapital of Star Energy and, together with PICL's existing shareholding of52,885,455 Star Energy shares, representing approximately 98.5 per cent. of theissued share capital of Star Energy. PICL has therefore received valid acceptances in respect of, or otherwiseacquired since the commencement of the Offer Period, 57,496,770 Star EnergyShares representing in aggregate, approximately 97.56 per cent. in value of and97.56 per cent. of the voting rights carried by, the shares to which the RevisedOffer relates. Having received sufficient valid acceptances of the Revised Offer, PICLannounces that it intends to implement the compulsory acquisition procedures setout in the Companies Act (the "Act") and will shortly post formal notices undersection 979 of the Act to Star Energy shareholders who have not yet accepted theRevised Offer. The transfer of Star Energy Shares in accordance with thecompulsory acquisition notices is expected to occur by March 2008. Enquiries: JPMorgan Cazenove Limited Tel: +44 (0)20 7588 2828 Barry Weir Jonathan Wilcox Lambert Energy Advisory Limited Tel: +44 (0)20 7491 4473 Philip Lambert JPMorgan Cazenove Limited and Lambert Energy Advisory Limited, who are eachauthorised and regulated in the United Kingdom by the Financial ServicesAuthority, are acting exclusively for PICL and no-one else in relation to theRevised Offer and other matters described in this announcement and will not beresponsible to anyone other than PICL for providing the protections afforded toclients of JPMorgan Cazenove Limited and Lambert Energy Advisory Limited or forproviding advice in relation to the Revised Offer or in relation to the contentsof this announcement or any transaction or arrangement referred to herein. This announcement does not constitute an offer to sell or solicitation of anoffer to purchase or subscribe for any securities pursuant to the Revised Offeror otherwise. The Revised Offer is being made by the Revised Offer Document and(in respect of certificated Star Energy shares) the form of acceptanceaccompanying the Revised Offer Document, which will contain the full terms andconditions of the Revised Offer, including details of how the Revised Offer maybe accepted. The laws of relevant jurisdictions may affect the availability ofthe Revised Offer to persons not resident in the United Kingdom. Persons whoare not resident in the United Kingdom, or who are subject to the laws of anyjurisdiction other than the United Kingdom, should inform themselves about, andobserve, any applicable requirements. The Revised Offer is not intended to be made, directly or indirectly, in, intoor from Australia, Canada, Japan or the United States and the Revised Offer willnot be capable of acceptance from or within Australia, Canada, Japan or theUnited States. Accordingly, copies of this announcement are not being, and must not be,directly or indirectly, mailed or otherwise forwarded, distributed or sent in,into or from Australia, Canada, Japan or the United States and persons receivingthis announcement (including custodians, nominees and trustees) must not mail orotherwise distribute or send it in, into or from such jurisdictions, as doing somay invalidate any purported acceptance of the Revised Offer. This information is provided by RNS The company news service from the London Stock Exchange