LTR Latitude

    RNS Number : 6503H
  Latitude Resources plc
  06 November 2008
   

    6 November 2008

    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 OF SUCH JURISDICTION.

    Latitude Resources plc
    ('Latitude' or the 'Company')

    Update on Latitude's response to mandatory cash offer

    The Independent Directors of Latitude (being all of the directors of Latitude other than Jonathan Rowland) announce that they are in the
process of preparing a response to a mandatory cash offer (the 'Offer') made by Clos du Mesnil Limited ("CdM") to acquire the entire issued
and to be issued ordinary shares of the Company which are not already owned or otherwise contracted to be acquired by CdM. A document
containing the full terms and condition of the Offer was posted to Latitude's shareholders today.

    The Offer, which values each ordinary share of Latitude at 4p and Latitude's entire issued share capital at approximately �10.78
million, is being made solely because CdM is required to do so under the rules of the Takeover Code following its acquisition of 80,575,000
ordinary shares of 1 pence each in the capital of Latitude on 20 October 2008. 

    The Independent Directors will expect to publish their response to the Offer by 14 November 2008, but in the meantime, advise Latitude's
shareholders to take no action regarding the Offer until they have had the opportunity to consider the Independent Directors' response to
the Offer.

    Further announcements will be made as appropriate.

    For further information please contact:

     Latitude Resources plc
     Andrew Myers (Non-executive Director)      Phone: +44 (0) 20 7087 7971
                                                                             Fax: +44 (0) 20 7734 3870
                                                                             Email: info@latituderesources.com

     Evolution Securities Limited
     Robert Collins/Neil Elliot                             Phone: +44 (0) 20 7071 4300

    Dealing Disclosure Requirements

    Under the provisions of Rule 8.3 of the Takeover Code (the 'Code'), if any person is, or becomes, 'interested' (directly or indirectly)
in 1% or more of any class of 'relevant securities' of Latitude, all 'dealings' in any 'relevant securities' of that company (including by
means of an option in respect of, or a derivative referenced to, any such 'relevant securities') must be publicly disclosed by no later than
3:30 pm (London time) on the London business day following the date of the relevant transaction. This requirement will continue until the
date on which the offer becomes, or is declared, unconditional as to acceptances, lapses or is otherwise withdrawn or on which the 'offer
period' otherwise ends. If two or more persons act together pursuant to an agreement or understanding, whether formal or informal, to
acquire an 'interest' in 'relevant securities' of Latitude, they will be deemed to be a single person for the purpose of Rule 8.3.

    Under provisions of Rule 8.1 of the Code, all 'dealings' in 'relevant securities' of Latitude by the offeror, Latitude or by any of
their respective 'associates', must be disclosed by no later than 12:00 noon (London time) on the London business day following the date of
the relevant transaction.

    A disclosure table, giving details of the companies in whose 'relevant securities' 'dealings' should be disclosed, and the number of
such securities in issue, can be found on the Takeover Panel's website at www.thetakeoverpanel.org.uk.

    'Interests in securities' arise, in summary, when a person has long economic exposure, whether conditional or absolute, to changes in
the prices of securities. In particular, a person will be treated as having an 'interest' by virtue of the ownership or control of
securities, or by virtue or any option in respect of, or derivative referenced to, securities.

    Terms in quotation marks are defined in the Code, which can also be found on the Takeover Panel's website. If you are in any doubt as to
whether or not you are required to disclose a 'dealing' under Rule 8, you should consult the Takeover Panel.

This information is provided by RNS
The company news service from the London Stock Exchange
 
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