Balfour Beatty Infrastructure Ptrns Offer Update (7727D)

TIDMALK

RNS Number : 7727D

Balfour Beatty Infrastructure Ptrns

29 October 2015

NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION (IN WHOLE OR IN PART), DIRECTLY OR INDIRECTLY, IN, INTO OR FROM THE UNITED STATES, CANADA, AUSTRALIA OR JAPAN OR ANY OTHER JURISDICTION WHERE TO DO SO WOULD CONSTITUTE A VIOLATION OF THE RELEVANT LAWS OF SUCH JURISDICTION

FOR IMMEDIATE RELEASE

29 October 2015

RECOMMENDED CASH OFFER

by

BARBICAN BIDCO LIMITED

(a company controlled by Balfour Beatty Infrastructure Partners, L.P.)

for

ALKANE ENERGY PLC

OFFER UPDATE - LAUNCH OF COMPULSORY ACQUSITION PROCEDURE

Introduction

On 16 September 2015, the Boards of Barbican and Alkane announced that they had reached agreement on the terms of a recommended cash offer by Barbican (a company controlled by BBIP) for the entire issued and to be issued share capital of Alkane at a price of 36 pence in cash for each Alkane Share. The full terms and conditions of the Offer and the procedure for acceptance were set out in the offer document (the "Offer Document") posted to Alkane Shareholders on 17 September 2015.

On 14 October 2015, Barbican announced that the Offer had been declared unconditional in all respects.

Barbican is pleased to announce that, as at 1.00 p.m. (London time) on 27 October 2015 valid acceptances had been received in respect of a total of 156,392,006 Alkane Shares, representing, in aggregate, approximately 92.34 per cent. of the existing issued share capital of Alkane, which Barbican may count towards the satisfaction of the Acceptance Condition of the Offer.

As valid acceptances have been received for in excess of 90 per cent. of the Alkane Shares to which the Offer relates Barbican will now commence the procedures available to it under section 979 of the Companies Act 2006 to compulsorily acquire those Alkane Shares which it does not already own. Notice will be sent to non-accepting shareholders informing them of the compulsory acquisition of their shares by Barbican.

Procedure for Acceptance of the Offer

Alkane Shareholders who have not yet accepted the Offer are urged to do so without delay.

To accept the Offer in respect of Alkane Shares held in certificated form (that is, not in CREST), shareholders should complete and return the Form of Acceptance in accordance with the procedure set out in the Offer Document. To accept the Offer in respect of shares held in uncertificated form (that is, shares held in CREST), shareholders should ensure than an Electronic Acceptance is made in accordance with the procedure set out in the Offer Document. If you hold your Alkane Shares as a CREST sponsored member, you should refer to your CREST sponsor as only your CREST sponsor will be able to send the necessary instructions to Euroclear.

Alkane Shareholders who do not accept the Offer will have their Shares compulsorily acquired but will have to wait for the Companies Act process to conclude before receiving their consideration.

Copies of the Offer Document and a specimen Form of Acceptance are available on Barbican's website, hosted by BBIP LLP, at www.bbip.com, until the end of the Offer Period. Further copies of the Offer Document and the Form of Acceptance may be obtained by contacting the Receiving Agent, Computershare, on 0370 889 3186 from within the UK or on [phone] if calling from outside the UK. Lines are open 8.30 a.m. to 5.30 p.m. (London time) Monday to Friday. Calls may be recorded and randomly monitored for security and training purposes.

Unless otherwise defined in this announcement, capitalised words and phrases used in this announcement shall have the same meanings given to them in the Offer Document.

 
  Enquiries 
 Investec, financial adviser to Barbican    + 44 (0)20 7597 4000 
 Jeremy Ellis 
 Ali Raza 
  George Price 
 

Further information

This announcement is for information only and is not intended to and does not constitute, or form part of, any offer to sell or invitation to purchase or subscribe for any securities, or any solicitation of any vote or approval in any jurisdiction pursuant to the Offer or otherwise. The Offer is effected solely through the Offer Document, which, together with the Form of Acceptance (in relation to Alkane Shareholders holding shares in certificated form only) contains the full details, terms and conditions of the Offer, including the details of how to accept the Offer. This announcement has been issued by and is the sole responsibility of Barbican.

A copy of this announcement will be available subject to certain restrictions relating to persons resident in the United States, Canada, Australia and Japan on www.bbip.com and on www.alkane.co.uk by no later than 12 noon on 30 October 2015.

Investec, which is authorised by the Prudential Regulation Authority and regulated in the United Kingdom by the Financial Conduct Authority and the Prudential Regulation Authority, is acting exclusively for Barbican and BBIP and no one else in connection with the Offer and will not be responsible to anyone other than Barbican and BBIP for providing the protections afforded to its clients or for providing advice in relation to the Offer or any other matters referred to herein.

Overseas Shareholders

The Offer is not being made, directly or indirectly, in or into, or by use of the mails, or by any means or instrumentality (including, without limitation, by means of telephone, facsimile, telex, internet or other forms of electronic communication) of interstate or foreign commerce of, or any facilities of a securities exchange of, the United States, Canada, Australia or Japan, and the Offer will not be capable of acceptance by any such use, means, instrumentality or facility or from within the United States, Canada, Australia or Japan. Accordingly, copies of this announcement and any other related document will not be, and must not be, directly or indirectly, mailed or otherwise distributed or sent in or into the United States, Canada, Australia or Japan and persons receiving such documents (including custodians, nominees and trustees) must not distribute or send them in, into or from such jurisdictions as doing so may violate the laws of such jurisdictions and may make invalid any purported acceptance of the Offer by persons in any such jurisdiction.

This announcement has been prepared for the purpose of complying with English law, the AIM Rules, the rules of the London Stock Exchange and the Takeover Code, and the information disclosed may not be the same as that which would have been disclosed if this announcement had been prepared in accordance with the laws of jurisdictions outside the UK.

This information is provided by RNS

The company news service from the London Stock Exchange

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October 29, 2015 03:00 ET (07:00 GMT)