Last checked at 30 Jun 2008 17:57
30 June 2008
Sound Oil plc
("Sound Oil" or the "Company")
Availability of annual report and Takeover Code
Sound Oil confirms that its annual report and accounts for the year ended 31 December 2007 has been sent, together with a notice of AGM, to shareholders and will shortly be available on the Company's website: www.soundoil.co.uk
The notice of AGM includes a resolution proposing the adoption by the Company of a new set of articles; a summary description of the changes is set out in directors' report within the annual report. Among the proposed changes is a new article which requires an offer to be made to all shareholders when an acquirer reaches a certain shareholding level. This has arisen as a result of the Panel on Takeovers and Mergers (the "Panel") confirming that the City Code on Takeovers and Mergers (the "Takeover Code") does not currently apply to the Company as the Panel has concluded that the Company's place of central management and control is not currently located within the UK, the Channel Islands or the Isle of Man. The Company's board is comprised of three directors based in the United Kingdom and four based overseas and the Company's principal operating assets are located overseas. The new article is being proposed in order to provide shareholders with a similar protection to that provided by Rule 9 of the Takeover Code.
For further information please contact:
| Sound Oil Gerry Orbell, Chairman | 07903 861 145 |
| Smith & Williamson Corporate Finance Limited Azhic Basirov David Jones | 020 7131 4000 |
| Buchanan Communications Tim Thompson Nick Melson | 020 7466 5000 |