Burford Capital Regulatory News (BUR)

9 Oct 2007 12:17

Burren Energy PLC09 October 2007 NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION IN, INTO OR FROM AUSTRALIA, CANADA,JAPAN OR THE UNITED STATES 9 October 2007 Burren Energy plc ("Burren" or the "Company") Statement concerning rejection of recent unsolicited approaches In the light of today's announcement by Eni SpA, the Board of Burren confirmsthat it has received a number of approaches in relation to possible offers forthe Company at up to 1100p per share. The Board has rejected these conditionalproposals on the grounds that they fail, by a significant margin, to recognisethe value which the Board strongly believes is inherent in the Company. The Board is firmly of the view that Burren is well positioned to deliver valuefor shareholders through the implementation of its focused strategy of finding,acquiring, developing and exploiting oil and gas reserves in emerging markets.The success of this strategy is demonstrated by, inter alia, the currentperformance of the Group as reflected in the interim statement issued on 17September, 2007. As required by the Takeover Code, Burren confirms that this announcement hasbeen made without the consent of the potential offerors. For the avoidance ofdoubt, there can be no certainty that the unsolicited approaches will lead to anoffer being made for Burren nor as to the terms on which any offer might bemade. Contact information: Burren: +44 (0) 20 7484 1900Atul Gupta, Chief ExecutiveAndrew Rose, Chief Financial Officer UBS: +44 (0) 20 7567 8000Adrian HaxbyDavid WaringNeil Patel Pelham: +44 20 7743 6673James HendersonAlisdair Haythornthwaite 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 Burren (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the date on which the offer becomes, or is declared, unconditional as toacceptances, lapses or is otherwise withdrawn or on which the "offer period"otherwise ends.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 Burren, or by any "associates", must be disclosed by nolater than 12.00 noon (London time) on the London business day following thedate 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 atwww.thetakeoverpanel.org.uk. "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 theTakeover Panel's website. If you are in any doubt as to whether or not you arerequired to disclose a "dealing" under Rule 8, you should consult the TakeoverPanel. This information is provided by RNS The company news service from the London Stock Exchange