Business
Distribution and amendment to terms of securities
Distribution and amendment to terms of securities.
About this update from Genel Energy Plc
[{"type":"text","content":"\n \nRNS Number : 7645B Genel Energy PLC 08 April 2013 \n \n\n8 April 2013\nGenel Energy plc (the \"Company\")\nDistribution and amendment to terms of securities\nThe Company announces that Petroleum Resources Management N.V. (\"PRM\"), one of the original owners of Genel Energy International Limited prior to its merger with Vallares PLC, has exercised its right under the 2011 merger agreement to distribute its suspended voting ordinary shares in the Company to its own shareholders (the \"Distribution\"). PRM is an investment vehicle for Citrus Energy International Group (BVI) Limited (\"Citrus\"), UB Group FZE (\"UB\"), Mr. Murat Yazici and Mr. Mehmet Sepil. Citrus is an investment vehicle for Mr Anton Curtis. UB is owned by Adeeb Mohammednadir Ameen, and is an investment vehicle for the Nazir family.\nThe shareholders in PRM have only received suspended voting ordinary shares pursuant to the Distribution and not voting ordinary shares. The Distribution did not result in the conversion of any suspended voting ordinary shares into voting ordinary shares. No shareholder in PRM or ultimate owner of a shareholder in PRM has increased its holding of voting ordinary shares as a direct result of the Distribution.\nThe Company understands that the UK Takeover Panel will continue to treat the shareholders in PRM and their ultimate owners as acting in concert with PRM, Elysion Energy Holding B.V. (\"Elysion\") and Focus Investments Limited (\"Focus\", together, the \"Concert Parties\"). Following the Distribution, the aggregate holding of the Concert Parties of voting ordinary shares in the Company will continue to be thirty per cent less one share of the voting ordinary shares in issue.\nThe Distribution will have no impact on the Company's proposal of Resolution 18 (the \"Whitewash Resolution\") at its forthcoming Annual General Meeting on 22 April 2013. The holdings in voting ordinary shares in the Company of Elysion and Focus have been unaffected by the Distribution. The Distribution is not being treated as a disqualifying transaction under the UK Takeover Code.If the Whitewash Resolution is approved by the independent shareholders of the Company and the Company uses its buy back authority in full then, assuming the Concert Parties do not sell into the buyback, Elysion, Focus, PRM and any person acti...