Holding(s) in Company

30 Apr 2008 12:37

Falkland Oil and Gas Limited30 April 2008 Falkland Oil and Gas Limited ("FOGL" or the "Company") Holding in Company On 29 April 2008, RAB Capital PLC ("RAB Capital"), acting as discretionarymanager of RAB Special Situations (Master) Fund Limited ("RAB SS"), advised FOGLthat, on 28 April 2008, RAB SS had acquired 6,300,000 ordinary shares in theCompany which increased its holding of shares with voting rights to 36,384,278or 39.41% of the total voting rights of the Company. As a company incorporated under Falkland Islands law and with its registeredoffice in the Falkland Islands, FOGL is not subject to the Takeover Code.Therefore the acquisition of an interest in excess of 30% of the voting rightsof FOGL does not give rise to an obligation to make a mandatory offer for thebalance of the share capital. However, under FOGL's Articles, in circumstances where, if FOGL were subject tothe Takeover Code, a party would be obliged to make a mandatory offer and hasnot done so, the FOGL Board is entitled, but not obliged, to suspend the votingrights of the shares held by such a party. The FOGL Board has carefully considered the acquisition by RAB Capital and, inthe circumstances, has advised RAB Capital that it will not exercise itsentitlement to suspend voting rights attaching to the shares owned by RAB SS. 30 April 2008 Enquiries: Falkland Oil and Gas Tim Bushell, Chief Executive +44 (0) 207 563 1260 Oriel Securities (Nominated Adviser) Richard Crawley/David Arch +44 (0) 207 710 7600 Financial Dynamics Ben Brewerton / Ed Westropp +44 (0) 207 831 3113 This information is provided by RNS The company news service from the London Stock Exchange