Centrica Sends Compulsory Acquisition Terms To Venture Holders

Centrica Resources PLC (CNA.LN), said Monday that it posted to those Venture Production PLC (VPC.LN) shareholders who have not accepted the offer setting out Centrica Resources' intention to acquire compulsorily all outstanding Venture (shares on the same terms as originally available under the Offer.

MAIN FACTS:

-As at on Sep. 24, Centrica Resources owned or had received valid acceptances of the Offer in respect of 143,095,940 Venture shares, representing in aggregate 95.54% of the existing issued ordinary share capital of Venture.

-Therefore, excluding those Venture shares acquired by Centrica Resources prior to the commencement of the offer, valid acceptances had been received in respect of more than 90% of the Venture shares to which the Offer relates.

-Venture has applied to the U.K. Listing Authority for the cancellation of the listing of Venture shares on the Official List and to the London Stock Exchange for the cancellation of admission to trading of Venture shares on the London Stock Exchange's main market for listed securities.

-This is expected to take effect on or shortly after 0700 GMT on Oct. 2.

-Venture shareholders who have not accepted the Offer are encouraged to do so as soon as possible.

-Venture shareholders who have already accepted the Offer need take no further action.

 
-By London Bureau, Dow Jones Newswires; Contact Ian Walker; [phone]; [e-mail]