Notification: Update on Letter of Intent
22 Setembro 2010 - 2:07PM
UK Regulatory
TIDMDNX
RNS Number : 1541T
Korea National Oil Corporation
22 September 2010
NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION IN WHOLE OR IN PART IN, INTO OR
FROM ANY JURISDICTION WHERE TO DO SO WOULD CONSTITUTE A VIOLATION OF THE
RELEVANT LAWS OR REGULATIONS OF THAT JURISDICTION.
22 September 2010
+--------------------------+
| FINAL* CASH OFFER |
| for |
| Dana Petroleum plc |
| ("Dana" or "the |
| Company") |
| by |
| Korea National Oil |
| Corporation ("KNOC") |
+--------------------------+
| UPDATE ON LETTER OF |
| INTENT |
+--------------------------+
KNOC has been notified by Allen Investment Management LLC that, further to the
letter of intent provided by it to KNOC on 19 August 2010 in respect of a long
economic interest in 900,000 Dana Shares, it no longer holds a long economic
interest in Dana Shares and is no longer able to comply with the terms of the
letter of intent in respect of the long position of 900,000 Dana Shares.
*KNOC's Share Offer of 1,800 pence per Dana Share is full and final and will not
be increased save that KNOC reserves its right to increase the Share Offer if a
competitive situation arises (including if a third party announces an offer or
possible offer for Dana).
Merrill Lynch International ("Bank of America Merrill Lynch"), a subsidiary of
Bank of America Corporation, is acting exclusively for KNOC and no one else in
connection with the Offers and will not be responsible to anyone other than KNOC
for providing the protections afforded to clients of Bank of America Merrill
Lynch or for providing advice in connection with the Offers or any matter
referred to herein.
This announcement is for informational purposes only and does not constitute an
offer to sell or an invitation to purchase any securities or the solicitation of
an offer to buy any securities, pursuant to the Offers or otherwise. The Offers
are being made solely by means of the Offer Document and the Form of Acceptance
accompanying the Offer Document, which contains the full terms and conditions of
the Offers, including details of how the Offers may be accepted.
This announcement has been prepared for the purpose of complying with English
law and the City 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 of jurisdictions outside the United Kingdom.
The release, publication or distribution of this announcement in certain
jurisdictions may be restricted by law. Persons who are not resident in the
United Kingdom or who are subject to other jurisdictions should inform
themselves of, and observe, any applicable requirements.
Unless otherwise determined by KNOC or required by the City Code, and permitted
by applicable law and regulation, the Offers are not being made, directly or
indirectly, in, into or from a Restricted Jurisdiction where to do so would
violate the laws in that jurisdiction, and the Offers are not capable of
acceptance from or within a Restricted Jurisdiction. Accordingly, copies of this
announcement and all documents relating to the Offers are not being, and must
not be, directly or indirectly, mailed or otherwise forwarded, distributed or
sent in, into or from a Restricted Jurisdiction where to do so would violate the
laws in that jurisdiction, and persons receiving this announcement and all
documents relating to the Offers (including custodians, nominees and trustees)
must not mail or otherwise distribute or send them in, into or from such
jurisdictions as doing so may invalidate any purported acceptance of the Offers.
The availability of the Share Offer to Dana Shareholders and the availability of
the Convertible Bond Offer to Dana Convertible Bondholders who are not resident
in the United Kingdom may be affected by the laws of the relevant jurisdictions
in which they are resident. Persons who are not resident in the United Kingdom
should inform themselves of, and observe, any applicable requirements.
If you are a resident of the United States, please read the following:
The Offers are being made for the securities of Dana, a company incorporated
under the laws of England and Wales, and are being made in the United States in
compliance with, and reliance on, Section 14(e) of the US Securities Exchange
Act of 1934 (the "Exchange Act") and Regulation 14E thereunder. The Offers are
being made in the United States by KNOC and no one else.
The Offers are subject to disclosure and procedural requirements of the United
Kingdom which are different from those in the United States. In addition, the
payment and settlement procedures with respect to the Offers complies with the
relevant United Kingdom rules, which differ from United States payment and
settlement procedures.
In accordance with normal UK market practice, KNOC, or its nominees, or its
brokers (acting as agents) may from time to time make certain purchases of, or
arrangements to purchase, Dana Shares, other than pursuant to the Share Offer,
or Dana Convertible Bonds, other than pursuant to the Convertible Bond Offer,
before or during the period in which the Offers remain open for acceptance. Any
such purchases, or arrangements to purchase, will be made outside the United
States and in compliance with applicable law, including the Exchange Act. Any
information about such purchases will be disclosed as required in the United
Kingdom and the United States.
The Offers are subject to the applicable requirements of the City Code, the
Panel, the London Stock Exchange and the Financial Services Authority.
Publication on Website
A copy of this announcement will be made available, free of charge, at
www.knoc.co.kr/ENG/include/ma_pop.jsp by no later than 12 noon (London time) on
23 September 2010.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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