Posted on: Monday, December 12, 2011
NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, IN WHOLE
OR IN PART, IN OR INTO ANY JURISDICTION WHERE TO DO SO WOULD
CONSTITUTE A VIOLATION OF THE RELEVANT LAWS OF SUCH
JURISDICTION.
12 December 2011
EnCore OIl plc
RECOMMENDED ACQUISITION OF ENCORE OIL PLC BY PREMIER
OIL PLC
RESULTS OF SHAREHOLDER MEETINGS
EnCore Oil plc ("EnCore" or the
"Company") announces that the shareholder meetings
convened earlier today passed all the resolutions proposed at
both meetings by the requisite majorities in respect of the
proposed acquisition to be made by Premier Oil plc
("Premier") of the entire issued and to be issued
share capital of the Company (the "Acquisition")
which is being effected by way of a scheme of arrangement
(the "Scheme") between the Company and its
shareholders (other than Premier, to the extent that it holds
shares in the Company), ("Scheme Shareholders")
under Part 26 of the Companies Act 2006.
Court Meeting
The first meeting, convened in accordance with the
order of the Court (the "Court Meeting"), sought
approval from Scheme Shareholders for the Scheme.
At the Court Meeting, a majority in number of Scheme
Shareholders who voted (either in person or by proxy),
representing 93.15 per cent. by value of those Scheme Shares
voted, voted in favour of the resolution to approve the
Scheme. The resolution proposed at the Court Meeting
was decided on a poll. Details of the votes cast were
as follows:
| Number of Scheme Shares voted |
Percentage of Scheme Shares voted (%) |
Number of Scheme Shareholders who voted |
Percentage of Scheme Shareholders voting
(%) |
Number of Scheme Shares voted as a percentage of
the total number of Scheme Shares held by Scheme
Shareholders entitled to vote on the resolution
(%) |
FOR |
72,567,449 |
93.15 |
329 |
85.68 |
24.30 |
AGAINST |
5,337,809 |
6.85 |
55 |
14.32 |
1.79 |
Accordingly, the resolution proposed at the Court
Meeting was duly passed on a poll vote.
General Meeting
The special resolutions proposed at the General Meeting
were decided on a poll. The voting results for the General
Meeting were as follows:
Special Resolution 1
| Number of EnCore Shares voted |
Percentage of EnCore Shares voted
(%) |
FOR |
67,955,664 |
93.47 |
AGAINST |
4,691,491 |
6.45 |
VOTE WITHHELD |
56,044 |
0.08 |
Accordingly, Special Resolution 1 proposed at the
General Meeting was duly passed on a poll vote.
Special Resolution 2
| Number of EnCore Shares voted |
Percentage of EnCore Shares voted
(%) |
FOR |
67,953,369 |
93.47 |
AGAINST |
4,685,556 |
6.44 |
VOTE WITHHELD |
64,274 |
0.09 |
Accordingly, Special Resolution 2 proposed at the
General Meeting was duly passed on a poll vote.
Next Steps
Completion of the Acquisition remains subject to the
satisfaction or (if capable of waiver) waiver of the
remaining Conditions, including the sanction of the Scheme
and the associated capital reduction by the Court. The
date of the Court hearing to sanction the Scheme is expected
to be on 11 January 2012 and the Court hearing to confirm the
reduction of capital is expected to be on 13 January
2012. If the Court sanctions the Scheme and confirms
the reduction of capital, it is expected that the Scheme will
become effective on 16 January 2012 and that the cancellation
of the admission of EnCore Shares to trading on AIM will take
place by 8.00 a.m. on 17 January 2012. If the Scheme
does become effective on 16 January 2012, it is expected that
the admission of the New Premier Shares to trading on the
London Stock Exchange's main market for listed securities
will take effect by 8.00 a.m. on 17 January 2012.
The dates stated above are indicative only and will
depend, among other things, on the dates upon which the Court
sanctions the Scheme and confirms the associated reduction of
capital and the date on which the Conditions are satisfied or
(if capable of waiver) waived. If any of the times and/or
dates above change, the revised times and/or dates will be
notified to EnCore Shareholders by announcement through a
Regulatory Information Service.
Other
Terms and expressions in this announcement shall,
unless the context otherwise requires, have the same meanings
as given to them in the document sent to shareholders in
relation to the Scheme dated 18 November 2011.
Enquiries:
EnCore Oil plc
Alan
Booth
+44 (0)20 7224 4546
Eugene Whyms
Rothschild
Neeve
Billis
+44 (0)20 7280 5000
David Hemmings
Cenkos Securities plc (NOMAD and Joint Broker to
EnCore)
Jon
Fitzpatrick
+44 (0)20 7397 1951
Ken Fleming
This announcement is not intended to and does not
constitute or form part of any offer to sell or subscribe for
or any invitation to purchase or subscribe for any securities
or the solicitation of any vote or approval in any
jurisdiction pursuant to the Acquisition or
otherwise.
This announcement does not constitute a prospectus or
prospectus equivalent document.
The release, publication or distribution of this
announcement in jurisdictions other than the United Kingdom
may be restricted by the laws of those jurisdictions, and
therefore persons into whose possession this announcement
comes should inform themselves about and observe any such
restrictions. Failure to comply with any such
restrictions may constitute a violation of the securities
laws of any such jurisdiction.
This announcement has been prepared for the purposes of
complying with English law and the City Code on Takeovers and
Mergers ("Code") and the information disclosed may
not be the same as that which would have been disclosed if
this announcement had been prepared in accordance with the
laws and regulations of any jurisdiction outside of
England.
N M Rothschild & Sons Limited ("Rothschild"),
which is authorised and regulated in the UK by the FSA, is
acting exclusively for EnCore and no one else in connection
with the Acquisition and will not be responsible to anyone
other than EnCore for providing the protections afforded to
clients of Rothschild or for providing advice in relation to
the Acquisition or any other matters referred to in this
announcement.
Cenkos Securities plc ("Cenkos"), which is
authorised and regulated in the UK by the FSA, is acting
exclusively as Nominated Adviser and Joint Broker to EnCore
and no one else in connection with the above and will not be
responsible to anyone other than EnCore for providing the
protections afforded to clients of Cenkos, or for providing
advice in relation to the matters referred to in this
announcement.
Notice to US investorsin EnCore:This
announcement does not constitute or form part of any offer or
invitation to purchase, otherwise acquire, subscribe for,
sell, otherwise dispose of or issue, or any solicitation of
any offer to sell, otherwise dispose of, issue, purchase,
otherwise acquire or subscribe for any security, including
the EnCore Shares, in the United States, nor should any part
of it nor the fact of its distribution form part of or be
relied on in connection with any contract or investment
decision relating thereto.
The Acquisition relates to the shares of a UK company
and is proposed to be made by means of a scheme of
arrangement provided for under the laws of England and
Wales. The Acquisition is subject to the
disclosure requirements and practices applicable in the
United Kingdom to schemes of arrangement, which differ from
the disclosure and other requirements of US securities
laws. Financial information included in the relevant
documentation will have been prepared in accordance with
accounting standards applicable in the United Kingdom that
may not be comparable to the financial statements of US
companies.
The New Premier Shares, which will be issued in
connection with the Acquisition, have not been, will not be,
and are not required to be registered under the US Securities
Act of 1933, as amended ("US Securities Act")
or under the securities law of any state or other
jurisdiction of the United States. The New Premier Shares may
not be offered, sold, delivered or transferred in the United
States absent registration under the US Securities Act or
pursuant to an exemption from, or in a transaction not
subject to, the registration requirements of the US
Securities Act. It is expected that the New Premier
Shares will be issued in reliance upon the exemption from the
registration requirements of the US Securities Act provided
by Section 3(a)(10) thereof and only to the extent that
corresponding exemptions from the registration or
qualification requirements of state "blue sky"
securities laws are available. Under applicable US securities
laws, persons (whether or not US persons) who are or will be
"affiliates" (for the purposes of the US Securities
Act) of EnCore or Premier prior to, or of Premier after, the
Effective Date will be subject to certain transfer
restrictions relating to the New Premier Shares received in
connection with the Acquisition.
Publication on EnCore Website
A copy of this announcement will be available free of
charge, subject to certain restrictions relating to persons
resident in Restricted Jurisdictions, for inspection on
EnCore's website at www.encoreoil.co.uk.
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