Burford Capital Regulatory News (BUR)

9 Oct 2007 10:05

Eni S.p.A.09 October 2007 NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION IN WHOLE OR IN PART, IN, INTO ORFROM ANY JURISDICTION WHERE TO DO THE SAME WOULD CONSTITUTE A VIOLATION OF THERELEVANT LAWS OF SUCH JURISDICTION 9 October 2007 FOR IMMEDIATE RELEASE Eni SpA ("Eni") Response to recent share price movement of Burren Energy plc Eni notes the recent share price movement of Burren Energy plc ("Burren"). Eniconfirms that it has approached Burren with a view to entering into discussionsabout a potential offer by Eni for Burren. An indicative offer proposal of 1050 pence per share in cash, representing apremium of 29% to the three month average share price prior to approach, was notaccepted by the Board of Burren on 28 September 2007. Eni continues to seeklimited due diligence from Burren, irrevocable undertakings from keyshareholders and a recommendation from the Board of Burren prior to making aformal offer to all shareholders. Eni reserves the right to waive thesepre-conditions to the making of an offer. This announcement does not constitute a firm intention to make an offer and,accordingly, there is no certainty that an offer for Burren or any othertransaction will result, even if the pre-conditions are satisfied or waived. A further announcement will be made if and when appropriate. PRESS ENQUIRIES Eni SpA Gianni Di Giovanni Head of External Communication +39 02 520 31287 or +39 06 598 23 98 Fabrizio Cosco Head of Company Secretary +39 06 598 22 449 N M Rothschild & Sons Limited Roger Ader, Neeve Billis or Ed Welsh +44 207 280 5000 N M Rothschild & Sons Limited, which is authorised and regulated by theFinancial Services Authority in the United Kingdom, is acting for Eni SpA and noone else in relation to the subject matter of this announcement and will not beresponsible to anyone other than Eni SpA for providing the protections affordedto clients of N M Rothschild & Sons Limited nor for providing advice in relationto the subject matter of this announcement. Dealing Disclosure Requirements Under the provisions of Rule 8.3 of the Takeover Code (the "Code"), if anyperson is, or becomes, "interested" (directly or indirectly) in 1% or more ofany class of "relevant securities" of Burren, all "dealings" in any "relevantsecurities" of that company (including by means of an option in respect of, or aderivative referenced to, any such "relevant securities") must be publiclydisclosed by no later than 3.30 pm (London time) on the London business dayfollowing the date of the relevant transaction. This requirement will continueuntil the date on which any offer becomes, or is declared, unconditional as toacceptances, lapses or is otherwise withdrawn or on which the "offer period"otherwise ends. If two or more persons act together pursuant to an agreement orunderstanding, whether formal or informal, to acquire an "interest" in "relevantsecurities" of Burren, they will be deemed to be a single person for the purposeof Rule 8.3. Under the provisions of Rule 8.1 of the Code, all "dealings" in "relevantsecurities" of Burren by Eni or Burren, or by any of their respective "associates", must be disclosed by no later than 12.00 noon (London time) on theLondon business day following the date of the relevant transaction. A disclosure table, giving details of the companies in whose "relevantsecurities" "dealings" should be disclosed, and the number of such securities inissue, can be found on the Takeover Panel's website at http://www.thetakeoverpanel.org.uk/new/. "Interests in securities" arise, in summary, when a person has long economicexposure, whether conditional or absolute, to changes in the price ofsecurities. In particular, a person will be treated as having an "interest" byvirtue of the ownership or control of securities, or by virtue of any option inrespect of, or derivative referenced to, securities. Terms in quotation marks are defined in the Code, which can also be found on thePanel's website. If you are in any doubt as to whether or not you are requiredto disclose a "dealing" under Rule 8, you should consult the Panel. This information is provided by RNS The company news service from the London Stock Exchange