N16/05

2 Jun 2005 16:58

London Stock Exchange Notice02 June 2005 London Stock Exchange PLC2 June 2005 10 Paternoster Square London EC4M 7LS Telephone +44 (0)20 7797 1000 www.londonstockexchange.com For the attention of thechairman/senior partner/compliance officer,all member firms N16/05 STOCK EXCHANGE NOTICE WHITE NILE LD - RESTORATION OF TRADING Introduction 1. The Exchange notes that White Nile Limited ("White Nile" or "the Company") announced on 27 May 2005 that shareholders, who gave irrevocable undertakings in favour of the resolution to be put to shareholders on 16 June 2005, are now allowed to sell up to 35% of their holding in the Company. 2. The Company's shares will be restored to trading at 7:00am tomorrow morning, 3 June 2005. Settlement Obligations 3. There continue to be settlement difficulties in the Company's ordinary shares of 0.1p (ISIN GB00B05MGT12) and the Exchange will continue to issue a market status message whilst those difficulties remain. 4. All market participants are reminded of their settlement obligations under the Exchange's Rules and also of the Exchange's view on short selling strategies as set out in Stock Exchange Notice N13/05. Availability of Stock 5. Member firms that are unsure how to source White Nile stock may wish to contact the Company's nominated broker Hichens, Harrison & Co, for advice. Guaranteed Delivery 6. Buying member firms are reminded that they are permitted, if they wish, to deal with selling member firms on a guaranteed delivery basis. Selling member firms must only agree to deal for guaranteed delivery if the stock is 'readily available' at the time of trading. Given the current settlement difficulties, the Exchange would not consider an expectation of receiving stock ahead of the Intended Settlement Date ("ISD") to mean that the stock is 'readily available'. 7. If trading for guaranteed delivery, member firms' trade and transaction reports should be submitted with the trade report condition 'GD'. The selling member firm should consider raising the settlement priority of guaranteed delivery transactions within CREST above any transactions not dealt for guaranteed delivery that are due for settlement on the same day. 8. Buying member firms dealing for guaranteed delivery who do not receive stock on ISD are permitted to request buying-in on the following day (see below for more information on buying-in). Member firms that agree to deal for guaranteed delivery and then fail to deliver on ISD will be in breach of the Exchange's Rules. Buying-in 9. Member firms that are not dealing for guaranteed delivery can request the Exchange to initiate buying-in on ISD + 45. Days on which the Company has been suspended are included when calculating when buying-in can take place. Full details on the buying-in process can be found on the Exchange's web-site at http://www.londonstockexchange.com/en-gb/products/ membershiptrading/rulesreg/buyingin/. The Buying-in office can be contacted on 020 7797 3666 (option 1). 10. Any comments or queries on this Notice should be addressed to either: John Newbury, Trading Services, telephone +44 (0)20 7797 1615 (STX 31615) or email: jnewbury@londonstockexchange.com Clive Davidson, Trading Services, telephone +44(0)20 7797 1387 (STX 31387) or email: cdavidson@londonstockexchange.com Nick BayleyHead of Trading Services This Stock Exchange Notice will be available on the website at http://www.londonstockexchange.com/en-gb/products/membershiptrading/rulesreg/stockexnotices/stockexchangenotices2005.htm Calls to London Stock Exchange plc may be recorded to enable the Exchange tocarry out its regulatory responsibilities. This information is provided by RNS The company news service from the London Stock Exchange