RNS Number : 8132G
Rosco SA
28 October 2008
Not for release, publication or distribution, in whole or in part, in or into or from 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
28 October 2008
CASH OFFER
for
ARAWAK ENERGY LIMITED
by
ROSCO S.A.
(a member of the Vitol Group)
Summary
* The board of Rosco S.A. announces the terms of a pre-conditional all cash offer to be made by Rosco S.A. (or a wholly owned subsidiary
of Rosco S.A. designated by Rosco S.A. to make the Offer) ("Rosco") for the entire issued and to be issued share capital of Arawak Energy
Limited ("Arawak").
* Under the terms of the Offer, Arawak Shareholders will receive CAD 0.90 for each Arawak Share, equivalent to 44.9 pence per Arawak
Share (based on a currency exchange rate of CAD 2.0065 to �1.00 (being the Bloomberg Rate as at 5.00 pm (London time) on 27 October 2008)).
* The Offer values the entire issued share capital of Arawak at approximately CAD 164.4 million (�81.9 million).
* The price to be paid in the Offer represents a premium of approximately:
* 127 per cent. to the London Stock Exchange closing middle market price of 19.8 pence per Arawak Share; and
* 157 per cent. to the Toronto Stock Exchange closing price of CAD 0.35 per Arawak Share,
in each case on 27 October 2008, the last business day prior to the date of this Announcement.
* A currency exchange facility will be made available to Arawak Shareholders under which they will be able to elect to receive their
consideration in pounds sterling at the Bloomberg Rate on the latest reasonably practicable date for fixing such rate prior to the relevant
payment date. No commission will be charged for using this facility.
* The posting of the Offer Document is pre-conditional on certain regulatory clearances being obtained.
This summary should be read in conjunction with the full text of this Announcement.
The Offer will be subject to the applicable requirements of the Code and Canadian securities laws. The Offer Document and Form of
Acceptance will contain the full terms and conditions of the Offer and will be posted to Arawak Shareholders as soon as practicable.
The Pre-Condition and Conditions to, and certain further terms of, the Offer are set out in Appendix I to this Announcement. Appendix II
contains sources and bases of certain information contained in this Announcement. Capitalised terms have the meanings given to them in
Appendix III to this Announcement.
Credit Suisse, which is authorised and regulated in the UK by the Financial Services Authority, is acting for Rosco and no one else in
connection with the Offer and will not be responsible to anyone other than Rosco for providing the protections afforded to clients of Credit
Suisse nor for providing advice in relation to the Offer or any other matters referred to herein. Neither Credit Suisse nor any of its
subsidiaries, branches or affiliates owes or accepts any duty, liability or responsibility whatsoever (whether direct or indirect, whether
in contract, in tort, under statute or otherwise) to any person who is not a client of Credit Suisse in connection with this announcement,
any statement contained herein or otherwise.
This Announcement does not constitute an offer to sell or an invitation to purchase or subscribe for any securities or the solicitation
of an offer to buy or subscribe for any securities pursuant to the Offer or otherwise. The Offer will be made solely by the Offer Document
and the Form of Acceptance accompanying the Offer Document, which will contain the full terms and conditions of the Offer, including details
of how the Offer may be accepted. This Announcement has been prepared in accordance with English law, Canadian law and the 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 and regulations of jurisdictions outside England and Canada.
The laws of the relevant jurisdictions may affect the availability of the Offer to persons who are not resident in the United Kingdom or
Canada. Persons who are not resident in the United Kingdom or Canada or who are subject to laws of any jurisdiction other than the United
Kingdom or Canada, should inform themselves about, and observe, any applicable requirements. Any person (including nominees, trustees and
custodians) who would, or otherwise intends to, forward this Announcement, the Offer Document and the Form of Acceptance or any accompanying
document to any jurisdiction outside the United Kingdom or Canada should refrain from doing so and seek appropriate professional advice
before taking any action.
The Offer will not be made, directly or indirectly, in or into or by use of the mails or any other means or instrumentality (including,
without limitation, telephonic or electronic) of interstate or foreign commerce of, or any facility of a national, state or other securities
exchange of Australia or Japan and the Offer will not be capable of acceptance by any such use, means, instrumentality or facility or from
within Australia or Japan. Accordingly, copies of this Announcement and formal documentation relating to the Offer are not being, and must
not be, directly or indirectly, mailed or otherwise forwarded, distributed in or into or from Australia or Japan and persons receiving this
Announcement (including custodians, nominees and trustees) must not distribute or send it into or from Australia or Japan. Doing so may
render invalid any related purported acceptance of the Offer.
This announcement may contain various "forward-looking statements" relating to the Offer and/or Rosco, that are subject to risks and
uncertainties, including those pertaining to the anticipated benefits to be realised from the proposed acquisition of Arawak. Information in
this announcement relating to the Arawak Group has been compiled from public sources. The statements can be identified by the use of
forward-looking terminology, such as "believe", "expects", "prospect", "estimated", "should", "may" or the negative thereof, or other
variations thereof, or comparable terminology indicating Rosco's and/or Arawak's expectations or beliefs concerning future events. Rosco
cautions that such statements are qualified by important factors that could cause actual results to differ materially from those in the
forward-looking statements. Other factors could also cause actual results to differ materially from expected results included in the
statements. These factors include changes in regulatory environment, foreign political, economic and currency risks associated with the integration of recently acquired companies.
Dealing Disclosure Requirements
Under the provisions of Rule 8.3 of the Code, if any person is, or becomes, "interested" (directly or indirectly) in 1% or more of any
class of "relevant securities" of Arawak, all "dealings" in any "relevant securities" of Arawak (including by means of an option in respect
of, or a derivative referenced to, any such "relevant securities") must be publicly disclosed by no later than 3.30 pm (London time) on the
London business day following the date of the relevant transaction. This requirement will continue until the date on which the Offer
becomes, or is declared, unconditional as to acceptances, lapses or is otherwise withdrawn or on which the "offer period" otherwise ends. If
two or more persons act together pursuant to an agreement or understanding, whether formal or informal, to acquire an "interest" in
"relevant securities" of Arawak, they will be deemed to be a single person for the purpose of Rule 8.3.
Under the provisions of Rule 8.1 of the Code, all "dealings" in "relevant securities" of Arawak by Rosco or Arawak, or by any of their
respective "associates", must be disclosed by no later than 12.00 noon (London time) on the London business day following the date of the
relevant transaction.
A disclosure table, giving details of the companies in whose "relevant securities" "dealings" should be disclosed, and the number of
such securities in issue, can be found on the Panel's website at www.thetakoverpanel.org.uk.
"Interests in securities" arise, in summary, when a person has long economic exposure, whether conditional or absolute, to changes in
the price of securities. In particular, a person will be treated as having an "interest" by virtue of the ownership or control of
securities, or by virtue of any option in respect of, or derivative referenced to, securities.
Terms in quotation marks are defined in the Code, which can also be found on the Panel's website. If you are in any doubt as to whether
or not you are required to disclose a "dealing" under Rule 8, you should consult the Panel.
Not for release, publication or distribution, in whole or in part, in or into or from 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
28 October 2008
CASH OFFER
for
ARAWAK ENERGY LIMITED
by
ROSCO S.A.
(a member of the Vitol Group)
1. Introduction
The board of Rosco announces the terms of a pre-conditional all cash offer to be made by Rosco for the entire issued and to be issued
share capital of Arawak.
2. The Offer
The Offer, which will be subject to the Pre-Condition, Conditions and the further terms set out below and in Appendix I and the full
terms and conditions which will be set out in the Offer Document and the Form of Acceptance, will be made on the following basis:
for each Arawak Share CAD 0.90 (44.9 pence*) in cash
*Based on a currency exchange rate of CAD 2.0065 to �1.00 (being the Bloomberg Rate as at 5.00 pm (London time) on 27 October 2008).
The Offer price of CAD 0.90 per Arawak Share values the entire issued share capital of Arawak at approximately CAD 164.4 million (�81.9
million). Arawak Shares will be acquired under the Offer with the right to receive any dividend declared, made or paid on or after 28
October 2008.
The price to be paid in the Offer represents a premium of approximately:
* 127 per cent. to the London Stock Exchange closing middle market price of 19.8 pence per Arawak Share; and
* 157 per cent. to the Toronto Stock Exchange closing price of CAD 0.35 per Arawak Share,
in each case on 27 October 2008, the last business day prior to the date of this Announcement.
A currency exchange facility will be made available to Arawak Shareholders under which they will be able to elect to receive their
consideration in pounds sterling at the Bloomberg Rate on the latest reasonably practicable date for fixing such rate prior to the relevant
payment date. No commission will be charged for using this facility.
3. Background to and reasons for the Offer
Rosco views Arawak as an attractive addition to the Vitol Group's portfolio of businesses and an opportunity to further enhance the
company's participation in oil and gas exploration and production. Rosco believes that its knowledge of the oil and gas sector combined
with the skills and experience of the employees and management of Arawak will provide a well positioned platform for continued growth.
4. Information on Rosco
Rosco is a limited liability company incorporated under the laws of Switzerland and currently holds 67,315,812 common shares in Arawak
representing approximately 36.86 per cent. of the entire issued share capital of Arawak.
Rosco is a wholly owned subsidiary of Vitol Holding S?, which is the holding company under which most of the trading operations of the
Vitol Group are held. Vitol Holding S? is a wholly owned subsidiary of Vitol Holding B.V..
5. Information on the Vitol Group
The Vitol Group, through Rosco and Vitol B.V. (another subsidiary of Vitol Holding B.V.), is the largest shareholder in Arawak, holding
in aggregate 75,668,399 shares in Arawak representing approximately 41.43 per cent. of all the issued common shares in Arawak at the date of
this Announcement.
The Vitol Group was founded in 1966 and started its business with the trading of oil products. It is now an independent, privately owned
group of trading companies, with its core business in energy, particularly crude oil and oil products. Other Vitol Group trading businesses
include natural gas, sugar, non-ferrous metals, coal, chemicals and power. Vitol Group is also active in shipping, oil terminals and oil
exploration and production. Vitol Group ships approximately 200 million tonnes of oil per year and has revenues in excess of US$100 billion.
The relationship between Arawak and Vitol Group extends back to 2002, when Rosco first became a shareholder in a subsidiary of Arawak.
Since such date Arawak and Vitol Group have been party to a number of transactions, including transactions in the course of trading and
acquisitions/disposals.
The Vitol Group has held an interest in shares in the Arawak Group since 2002, and is currently party to various ongoing commercial
arrangements with the Arawak Group, which are material to the business of the Arawak Group. These include significant off-take arrangements
in Russia and Kazakhstan (including exclusive buying arrangements for Arawak's Kazakhstan branches), crude purchase contracts in relation to
Arawak's Saigak joint venture in Kazakhstan, crude oil marketing arrangements in Russia and various administrative arrangements including a
license for Arawak to occupy the Vitol Group's London office.
Arawak, Rosco and Vitol B.V. are party to the Relationship Agreement which has governed their relationship with effect from admission of
Arawak to the Official List. The principal purpose of the Relationship Agreement was to ensure that Arawak is capable of carrying on
business independently of Rosco and Vitol B.V. and that transactions and relationships with Rosco and Vitol B.V. are at arm's length and on
normal commercial terms.
For more information on the Vitol Group visit www.vitol.com. Further information on the above arrangements can also be found at
www.arawakenergy.com.
6. Information on Arawak
Arawak is a multi-asset oil and gas production, development and exploration group which has been active in the FSU since 1998 and has
current operations in Kazakhstan, Russia and Azerbaijan. Arawak's publicly stated intention is to become the leading independent oil and
gas company focused on the FSU and to grow both organically and through acquisition.
Arawak was initially incorporated in Canada in 1987 as Iskut Gold Corporation and was renamed Arawak Energy Corporation in 2003. In
November 2006 Arawak began trading its common shares on the main board of the Toronto Stock Exchange, in April 2008 Arawak was renamed
Arawak Energy Limited and in July 2008 Arawak Shares were admitted to the Official List and the main market of the London Stock Exchange.
Arawak's shares now trade on both the Toronto Stock Exchange and the London Stock Exchange under the symbol "AAK".
On 14 August 2008, Arawak announced revenues of US$95.6 million in the second quarter of 2008, compared with US$66.6 million in the
first quarter (Q2 2007 US$30.7 million); an increase in net income in the second quarter of 2008 to US$9.3 million (Q2 2007, US$0.3 million)
after deducting re-domiciliation and listing expenses of US$8.7 million; and an increase in earnings per share (basic and diluted) to 5.3 US
cents.
7. Valuation of Arawak
The Offer will be an insider bid under applicable Canadian securities regulation as a result of Rosco being a significant shareholder of
Arawak. Accordingly, under applicable Canadian securities regulation, unless such requirement is waived, a formal valuation of the
securities that are the subject of the Offer must be prepared by an independent valuator at Rosco's expense and be published in conjunction
with the Offer.
In light of this requirement, and the possibility that such a valuation may not be received within 28 days of this Announcement, the
Panel has agreed that the normal period for posting of the Offer Document under Rule 30.1 of the Code shall be extended, if necessary, as
described in paragraph 15 below.
8. Financing the Offer
Rosco expects to fund the consideration payable under the Offer by being put in funds by the Vitol Group.
As required by the Code, Credit Suisse, financial adviser to Rosco, confirms that it is satisfied that sufficient financial resources
are available to Rosco to enable it to satisfy in full the cash consideration payable under the Offer.
9. Compulsory acquisition and de-listing
If the Offer becomes or is declared unconditional in all respects and Rosco receives sufficient acceptances under the Offer, it will be
Rosco's intention:
(a) to exercise its rights pursuant to the provisions of Articles 117 and 118 of the Companies Law to acquire compulsorily the
remaining Arawak Shares to which the Offer relates (construed in accordance with Part 18 of the Companies Law); and
(b) to procure that Arawak makes applications to the Toronto Stock Exchange for the de-listing of Arawak Shares from such exchange
assuming Arawak no longer meets the listing eligibility criteria for the Toronto Stock Exchange.
The UK Listing Authority may cancel Arawak's listing on the Official List of the London Stock Exchange if it considers that there are
special circumstances that preclude normal regular dealings in them. This may include where the percentage of Arawak Shares in public hands
falls below minimum thresholds determined by the Financial Services Authority.
De-listing from the London Stock Exchange and the Toronto Stock Exchange would significantly reduce the liquidity and marketability of
any Arawak Shares not assented to the Offer. In addition, if the Arawak Shares are de-listed from the Official List of the London Stock
Exchange the Relationship Agreement would terminate, removing the protections afforded under that agreement.
10. Regulatory issues
A. Russian Federation Pre-Condition
The posting of the Offer Document is subject to the Pre-Condition set out in Appendix I relating to Rosco receiving approvals for the
acquisition of Arawak from the Federal Anti-Monopoly Service of the Russian Federation in respect of anti-monopoly regulations.
B. Kazakhstan Subsoil Law
Under Article 71 of the Subsoil Law of Kazakhstan, the Republic of Kazakhstan has the right of priority on the acquisition of shares in
entities with particular subsoil use rights. The Arawak Group has such subsoil use rights, and it is not certain how this provision will be
interpreted in the context of an offer for a publicly listed and traded entity, such as Arawak.
It is possible that this provision may require Rosco, on the completion of the Offer (on the assumption that the Offer is declared
unconditional in all respects), to offer any Arawak Shares that it acquires under the Offer to the Republic of Kazakhstan on the same terms
and conditions as the Offer.
If it is concluded that this is the correct interpretation and application of Article 71 of the Subsoil Law of Kazakhstan, Rosco will
make such an offer, which may or may not be taken up by the Republic of Kazakhstan. Arawak Shareholders who do not accept the Offer should
be aware that if the Republic of Kazakhstan did elect to take up such an offer, it could become a significant shareholder in Arawak.
11. Arawak Share Option Schemes
If the Offer becomes or is declared unconditional in all respects, appropriate proposals will be made in due course to participants in
the Arawak Share Option Schemes.
12. Management and employees
If the Offer becomes or is declared unconditional in all respects, Rosco intends that the Arawak Group will continue to observe the
existing contractual and statutory employment rights, including pension rights, of all Arawak Group employees as required by applicable law.
13. Disclosure of interests in Arawak
Save for the Arawak shares held by Rosco and Vitol B.V. referred to in paragraph 5 above (Information on the Vitol Group), and the
following options, all held by Mr Roland Favre, a director of Rosco S.A.:
- options over 125,000 common shares in Arawak with an exercise price of CAD 2.10, and expiring on 23 March 2010
- options over 150,000 common shares in Arawak with an exercise price of CAD 2.94, and expiring on 10 May 2011; and
- options over 75,000 common shares in Arawak with an exercise price of CAD 2.69, and expiring on 28 June 2012,
as at 27 October 2008, the last practicable business day prior to this Announcement, neither Rosco nor, so far as Rosco is aware, any
person acting in concert with Rosco, had an interest in or right to subscribe for relevant securities of Arawak or had any short position in
relation to relevant securities of Arawak (whether conditional or absolute and whether in the money or otherwise), including any short
position under a derivative, any agreement to sell or any delivery obligation or right to require another person to purchase or take
delivery of any relevant securities of Arawak.
14. Overseas persons
The availability of the Offer to Arawak Shareholders who are not resident in the United Kingdom or Canada may be affected by the laws of
the relevant jurisdiction. Such persons should inform themselves of, and observe, any applicable legal or regulatory requirements of their
jurisdiction.
15. Offer Document
It is expected that the Offer Document and the Forms of Acceptance, containing the full terms and conditions of the Offer, will be
posted as soon as practicable, and in any event (save with the consent of the Panel) within seven days, following the later of: (i)
satisfaction or waiver by Rosco of the Pre-Condition; and (ii) receipt by Rosco of the formal valuation required pursuant to Canadian
securities laws and referred to in paragraph 7 above (or a waiver of such requirement from applicable Canadian securities regulators). The
Offer Document and Forms of Acceptance will be made available to all Arawak Shareholders at no charge to them.
16. General
The Offer will be subject to the applicable requirements of the Code and Canadian securities laws.
In accordance with Canadian securities laws the Offer will remain open for at least 35 days from the date of the Offer Document.
In deciding whether or not to accept the Offer in respect of their Arawak Shares, Arawak Shareholders should rely on the information
contained, and follow the procedures described, in the Offer Document and the Form of Acceptance.
The Pre-Condition and Conditions to, and certain further terms of, the Offer are set out in Appendix I to this Announcement. Appendix
II contains sources and bases of certain information contained in this Announcement. Appendix III contains definitions used in this
Announcement.
Credit Suisse, which is authorised and regulated in the UK by the Financial Services Authority, is acting for Rosco and no one else in
connection with the Offer and will not be responsible to anyone other than Rosco for providing the protections afforded to clients of Credit
Suisse nor for providing advice in relation to the Offer or any other matters referred to herein. Neither Credit Suisse nor any of its
subsidiaries, branches or affiliates owes or accepts any duty, liability or responsibility whatsoever (whether direct or indirect, whether
in contract, in tort, under statute or otherwise) to any person who is not a client of Credit Suisse in connection with this announcement,
any statement contained herein or otherwise.
This Announcement does not constitute an offer to sell or an invitation to purchase or subscribe for any securities or the solicitation
of an offer to buy or subscribe for any securities pursuant to the Offer or otherwise. The Offer will be made solely by the Offer Document
and the Form of Acceptance accompanying the Offer Document, which will contain the full terms and conditions of the Offer, including details
of how the Offer may be accepted. This Announcement has been prepared in accordance with English law, Canadian law and the 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 and regulations of jurisdictions outside England and Canada.
The laws of the relevant jurisdictions may affect the availability of the Offer to persons who are not resident in the United Kingdom or
Canada. Persons who are not resident in the United Kingdom or Canada or who are subject to laws of any jurisdiction other than the United
Kingdom or Canada, should inform themselves about, and observe, any applicable requirements. Any person (including nominees, trustees and
custodians) who would, or otherwise intends to, forward this Announcement, the Offer Document and the Form of Acceptance or any accompanying
document to any jurisdiction outside the United Kingdom or Canada should refrain from doing so and seek appropriate professional advice
before taking any action.
The Offer will not be made, directly or indirectly, in or into or by use of the mails or any other means or instrumentality (including,
without limitation, telephonic or electronic) of interstate or foreign commerce of, or any facility of a national, state or other securities
exchange of, Australia or Japan, and the Offer will not be capable of acceptance by any such use, means, instrumentality or facility or from
within Australia or Japan. Accordingly, copies of this Announcement and formal documentation relating to the Offer are not being, and must
not be, directly or indirectly, mailed or otherwise forwarded, distributed in or into or from Australia or Japan and persons receiving this
Announcement (including custodians, nominees and trustees) must not distribute or send it into or from Australia or Japan. Doing so may
render invalid any related purported acceptance of the Offer.
This announcement may contain various "forward-looking statements" relating to the Offer and/or Rosco, that are subject to risks and
uncertainties, including those pertaining to the anticipated benefits to be realised from the proposed acquisition of Arawak. Information in
this announcement relating to Arawak Group has been compiled from public sources. The statements can be identified by the use of
forward-looking terminology, such as "believe", "expects", "prospect", "estimated", "should", "may" or the negative thereof, or other
variations thereof, or comparable terminology indicating Rosco's and/or Arawak's expectations or beliefs concerning future events. Rosco
cautions that such statements are qualified by important factors that could cause actual results to differ materially from those in the
forward-looking statements. Other factors could also cause actual results to differ materially from expected results included in the
statements. These factors include changes in regulatory environment, foreign political, economic and currency risks associated with the integration of recently acquired companies.
Dealing Disclosure Requirements
Under the provisions of Rule 8.3 of the Code, if any person is, or becomes, "interested" (directly or indirectly) in 1% or more of any
class of "relevant securities" of Arawak, all "dealings" in any "relevant securities" of Arawak (including by means of an option in respect
of, or a derivative referenced to, any such "relevant securities") must be publicly disclosed by no later than 3.30 pm (London time) on the
London business day following the date of the relevant transaction. This requirement will continue until the date on which the Offer
becomes, or is declared, unconditional as to acceptances, lapses or is otherwise withdrawn or on which the "offer period" otherwise ends. If
two or more persons act together pursuant to an agreement or understanding, whether formal or informal, to acquire an "interest" in
"relevant securities" of Arawak, they will be deemed to be a single person for the purpose of Rule 8.3.
Under the provisions of Rule 8.1 of the Code, all "dealings" in "relevant securities" of Arawak by Rosco or Arawak, or by any of their
respective "associates", must be disclosed by no later than 12.00 noon (London time) on the London business day following the date of the
relevant transaction.
A disclosure table, giving details of the companies in whose "relevant securities" "dealings" should be disclosed, and the number of
such securities in issue, can be found on the Panel's website at www.thetakoverpanel.org.uk.
"Interests in securities" arise, in summary, when a person has long economic exposure, whether conditional or absolute, to changes in
the price of securities. In particular, a person will be treated as having an "interest" by virtue of the ownership or control of
securities, or by virtue of any option in respect of, or derivative referenced to, securities.
Terms in quotation marks are defined in the Code, which can also be found on the Panel\'s website. If you are in any doubt as to whether
or not you are required to disclose a "dealing" under Rule 8, you should consult the Panel.
APPENDIX I
PRE-CONDITION, CONDITIONS AND FURTHER TERMS OF THE OFFER
The Offer will comply with the applicable rules of the Code and Canadian securities laws, will be governed by English law and will be
subject to the jurisdiction of the courts of England and Wales. In addition, the Offer will be subject to the terms and conditions to be set
out in the Offer Document and Form of Acceptance.
1. Pre-Condition of the Offer
The making of the Offer by the posting of the Offer Document and related Forms of Acceptance will take place following the satisfaction
or waiver by Rosco of the following pre-condition:
- approval, in terms reasonably satisfactory to Rosco, of the Federal Anti-Monopoly Service of the Russian Federation, with respect
to the Offer, having been obtained in accordance with Article 28.1.8 of the Russian Federal Law of 26 July 2006 No. 135-FZ "On protection of
competition".
Rosco shall be entitled to waive the above pre-condition at any time.
2. Conditions of the Offer
The Offer will, subject to the satisfaction or waiver of the pre-condition referred to above, be made by Rosco conditional upon:
(i) valid acceptances of the Offer being received (and not, where permitted, withdrawn) by not later than 3.00 pm (London time) on
the first closing date of the Offer (or such later time(s) and/or date(s) as Rosco may, subject to the rules of the Code and Canadian
securities laws, decide) in respect of such number of Arawak Shares which, together with Arawak Shares acquired (pursuant to the Offer or
otherwise) by Rosco and/or any wholly owned subsidiary of Vitol Holding B.V., will result in Rosco and any such wholly owned subsidiaries of
Vitol Holding B.V. holding Arawak Shares which together carry in aggregate more than 50 per cent. of the voting rights then normally
exercisable at a general meeting of Arawak including for this purpose (to the extent, if any, required by the Panel) any such voting rights
attaching to any Arawak Shares that are unconditionally allotted or issued before the Offer becomes or is declared unconditional as to
acceptances, whether pursuant to the exercise of any outstanding subscription or conversion rights or otherwise. For the purposes of this condition:
(a) Arawak Shares that have been unconditionally allotted but not issued shall be deemed to carry the voting rights that they will
carry upon issue;
(b) valid acceptances shall be deemed to have been received in respect of any Arawak Shares which are treated for the purposes of
Article 117 of the Companies Law as having been acquired or contracted to acquire by Rosco by virtue of acceptances of the Offer;
(c) with the consent of the Panel, valid acceptances received prior to the satisfaction or waiver of all other Conditions shall be
deemed not to have been received until such time as all of the other Conditions have been satisfied or waived;
(ii) no Third Party having intervened in any way and there not continuing to be outstanding any statute, regulation or order of any
Third Party in each case which would or might be expected to:
(a) make the Offer or its implementation or the acquisition or proposed acquisition by Rosco or any other member of the Wider Vitol
Group of any shares or control of Arawak, or any other member of the Wider Arawak Group, void, unenforceable and/or illegal in any
jurisdiction or otherwise directly or indirectly restrain, restrict, prohibit, prevent, delay or otherwise interfere with the implementation
thereof, or impose additional conditions or obligations with respect to the Offer or such acquisition or control, or otherwise challenge,
impede or hinder the Offer or its implementation, or require amendment to the terms of the Offer or the acquisition or proposed acquisition
of any Arawak Shares by Rosco or by any other member of the Wider Vitol Group or the acquisition of control of Arawak by Rosco;
(b) require, prevent, or delay the divestiture or alter the terms of any proposed divestiture by Rosco or any other member of the
Wider Vitol Group or by Arawak or any other member of the Wider Arawak Group of all or any part of their respective businesses, assets or
properties or impose any limitation on the ability of any of them to conduct any of their respective businesses or to own or control any of
their respective assets or properties or any part thereof;
(c) limit or delay the ability of any member of the Wider Vitol Group or any member of the Wider Arawak Group to acquire or to hold
or to exercise effectively, directly or indirectly, all or any rights of ownership in respect of the Arawak Shares or to exercise voting or
management control over any member of the Wider Vitol Group or any member of the Wider Arawak Group or the ability of any member of the
Wider Vitol Group to acquire or to hold or to exercise effectively, directly or indirectly, all or any rights of ownership in respect of the
shares or other securities in, or to exercise voting or management control over, any other member of the Wider Vitol Group;
(d) except pursuant to Part 18 of the Companies Law in connection with the Offer, require any member of the Wider Vitol Group or of
the Wider Arawak Group to acquire, or to offer to acquire, any shares or other securities (or the equivalent) or interest in any member of
either group or any asset owned by any third party;
(e) require, prevent or delay the divestiture or alter the terms envisaged for any proposed divestiture by any member of the Wider
Vitol Group of any shares or other securities (or the equivalent) in Arawak;
(f) limit the ability of any member of the Wider Vitol Group or of the Wider Arawak Group to conduct or integrate or co-ordinate its
business, or any part of it, with the businesses or any part of the businesses of any other member of the Wider Vitol Group or of the Wider
Arawak Group;
(g) result in any member of the Wider Arawak Group ceasing to be able to carry on business under any name under which it presently
does so; or
(h) otherwise materially adversely affect the business, assets, profits, financial or trading position or prospects of any member of
the Wider Arawak Group or of the Wider Vitol Group,
and all applicable waiting and other time periods during which any Third Party could intervene in such a way under the laws of any
relevant jurisdiction having expired, lapsed or been terminated;
(iii) approval, in terms reasonably satisfactory to Rosco, of the Federal Anti-Monopoly Service of the Russian Federation, with
respect to the Offer, having been obtained in accordance with Article 28.1.8 of the Russian Federal Law of 26 July 2006 No. 135-FZ "On
protection of competition";
(iv) to the extent that Council Regulation (EC) 139/2004 of January 20, 2004 on the control of concentrations between undertakings
("ECMR") may be applied, the European Commission indicating, in terms reasonably satisfactory to Rosco, that in connection with the proposed
acquisition of control of the Arawak Group by Rosco, or any matter arising therefrom, it does not intend to initiate proceedings under
Article 6(1)(c) of the ECMR; or in the event that a request under Article 9(2) of the ECMR has been made, the European Commission indicating
that it does not intend to make a referral of the proposed acquisition of control of the Arawak Group by Rosco or any matter arising
therefrom to one or more competent authorities under Article (9)(1) of the ECMR;
(v) all necessary notifications, filings and applications having been made, all regulatory and statutory obligations in any relevant
jurisdiction having been complied with, all appropriate waiting and other time periods (including any extensions of such waiting and other
time periods) under any applicable legislation or regulations of any relevant jurisdiction including but not limited to the United States
Hart-Scott-Rodino Antitrust Improvements Act of 1976 having expired, lapsed or been terminated in each case in respect of the Offer or the
acquisition or proposed acquisition of any Arawak Shares or control of Arawak or any other member of the Wider Arawak Group by any member of
the Wider Vitol Group or the carrying on by any member of the Wider Arawak Group of its business;
(vi) all authorisations and determinations necessary or appropriate in any relevant jurisdiction for or in respect of the Offer or
the acquisition or proposed acquisition of any Arawak Shares or control of Arawak or any other member of the Wider Arawak Group by any
member of the Wider Vitol Group or in relation to the continuation of the business of any member of the Wider Arawak Group having been
obtained, in terms and in a form satisfactory to Rosco, from all relevant Third Parties or (without prejudice to the generality of the
foregoing) from any persons or bodies with whom any member of the Wider Arawak Group has entered into contractual arrangements that are
material in the context of the Wider Arawak Group taken as a whole and such authorisations and determinations, together with all
authorisations and determinations necessary or appropriate for any member of the Wider Arawak Group to carry on its business, remaining in
full force and effect and there being no notice or intimation of any intention to revoke or not renew or suspend, restrict or modify any of the same in any such case in so far as is material in the context of the
Wider Vitol Group or Wider Arawak Group, as the case may be, in each case, taken as a whole;
(vii) there being no provision of any agreement, arrangement, licence, permit, concession or other instrument or authorisation to
which any member of the Wider Arawak Group is a party, or by or to which any such member or any of its assets is or are or may be bound,
entitled or subject or any event or circumstance, which, in each case as a consequence of the Offer or the acquisition or proposed
acquisition of any Arawak Shares or control of Arawak or any other member of the Wider Arawak Group by any member of the Wider Vitol Group
or otherwise, would or might reasonably be expected to result in:
(a) any monies borrowed by, or any other indebtedness or liabilities (actual or contingent) of, or any grant available to, any such
member being or becoming repayable or capable of being declared repayable immediately or prior to its stated maturity, or the ability of any
such member to borrow moneys or incur any indebtedness being withdrawn or inhibited or becoming capable of being withdrawn or inhibited;
(b) any such agreement, arrangement, licence, permit, concession or other instrument or authorisation, or the rights, liabilities,
obligations or interests or business of any member of the Wider Arawak Group thereunder, or the interests or business of any such member in
or with any other person, firm, company or body (or any arrangement or arrangements relating to any such interests or business) being, or
becoming capable of being, terminated or adversely modified or affected or any onerous obligation or liability arising or any adverse action
being taken or arising thereunder;
(c) any member of the Wider Arawak Group ceasing to be able to carry on its business under any name under which it presently does
so;
(d) any asset or interest of or used by any member of the Wider Arawak Group being or falling to be disposed of or changed or ceasing
to be available to any member of the Wider Arawak Group or any right arising under which any such asset or interest could be required to be
disposed of or could cease to be available to any member of the Wider Arawak Group, in each case otherwise than in the ordinary course of
business;
(e) the creation or enforcement of any mortgage, charge or other security interest over the whole or any part of the business,
property or assets of any such member of the Wider Arawak Group or any such mortgage, charge or other security interest (whenever created,
arising or having arisen) becoming enforceable or being capable of being enforced;
(f) the creation of any liability (actual or contingent) by any member of the Wider Arawak Group otherwise than in the ordinary
course of business; or
(g) the value of or the financial or trading position or prospects of any member of the Wider Arawak Group being prejudiced or
materially adversely affected,
and no event having occurred which, under any provision of any arrangement, agreement, licence, permit or other instrument or
authorisation to which any member of the Wider Arawak Group is a party or to which any member of the Wider Group or any of its assets may be
bound entitled or subject could result in any of the events or circumstances as are referred to subparagraphs (a) to (g) of this condition
(vii).
(viii) save as disclosed in the annual report and accounts of Arawak for the year ended 31 December 2007, as specifically referred to
in the Prospectus or as publicly announced to a Regulatory Information Service by or on behalf of Arawak before 28 October 2008, no member
of the Wider Arawak Group having since 31 December 2007:
(a) issued or agreed to issue or authorised or proposed the issue of additional shares of any class, or of securities convertible
into or exchangeable for, or rights, warrants or options to subscribe for or acquire, any such shares or convertible securities or
transferred or sold any shares out of treasury (save as between Arawak and wholly owned subsidiaries of Arawak or upon the exercise of
rights to subscribe for Arawak Shares pursuant to the exercise of options granted under any of the Arawak Share Option Schemes on or prior
to 27 October 2008) or redeemed, purchased or repaid any of its own shares or other securities or reduced or made any other change to any
part of its share capital;
(b) recommended, declared, paid or made or proposed to recommend, declare, pay or make any bonus, dividend or other distribution
whether payable in cash or otherwise (other than to Arawak or a wholly owned subsidiary of Arawak);
(c) save for transactions between members of the Arawak Group, acquired or disposed of or transferred, mortgaged or charged or
created any security interest over (in each case other than in the ordinary course of business) any assets or any rights, title or interest
in any asset (including shares and trade investments) or merged with or demerged any body corporate or authorised or proposed or announced
any intention to propose any such merger, demerger, acquisition, disposal, transfer, mortgage, charge or security interest (other than in
the ordinary course of business);
(d) made or authorised or proposed or announced an intention to propose any change in its loan capital or issued, authorised or
proposed the issue of any debentures;
(e) (save in the ordinary course of business or for transactions between members of the Arawak Group) incurred or increased or become
subject to any indebtedness or liability (actual or contingent);
(f) entered into or varied or authorised the entry into or variation of any agreement, transaction, arrangement or commitment
(whether in respect of capital expenditure or otherwise) which:
(i) is of a long-term, onerous or unusual nature or magnitude or which involves or could involve an obligation of such a nature or
magnitude; or
(ii) could restrict the business of any member of the Wider Arawak Group or Wider Vitol Group;
(g) entered into or varied the terms of any contract, agreement or arrangement with any of the directors of Arawak or any other
director or senior executive of any member of the Wider Arawak Group;
(h) waived or compromised any claim;
(i) taken any corporate action or had any legal proceedings instituted or threatened against it or petition presented or order (in
each case which is not discharged within 21 days) made, in each case in relation to the suspension of payments, moratorium of any
indebtedness, its winding-up (voluntary or otherwise), dissolution or reorganisation or for the appointment of a receiver, administrator,
administrative receiver, trustee, viscount in Jersey or similar officer of all or any part of its assets or revenues or any analogous
proceedings in any jurisdiction or appointed any analogous person in any jurisdiction or had any such person appointed;
(j) been unable, or admitted in writing that it is unable, to pay its debts or having stopped or suspended (or threatened to stop or
suspend) payment of its debts generally or ceased or threatened to cease carrying on all or a substantial part of its business;
(k) proposed, agreed to provide or modified the terms of any share option scheme, incentive scheme, or other benefit relating to the
employment or termination of employment of any employee of the Wider Arawak Group;
(l) made or agreed or consented to any change to the terms of the trust deeds constituting the pension schemes established for its
directors, employees or their dependants or the benefits which accrue, or to the pensions which are payable, thereunder, or to the basis on
which qualification for, or accrual or entitlement to, such benefits or pensions are calculated or determined or to the basis on which the
liabilities (including pensions) of such pension schemes are funded or made, or agreed or consented to any change to the trustees involving
the appointment of a trust corporation;
(m) implemented, effected or authorised, proposed or announced its intention to implement any composition, assignment,
reconstruction, amalgamation, commitment, scheme or other transaction or arrangement (other than the Offer);
(n) made any alteration to its memorandum or articles of association; or
(o) entered into any contract, commitment, agreement or arrangement or passed any resolution with respect to, or announced an
intention to, or to propose to effect, any of the transactions, matters or events referred to in this condition (viii);
(ix) save as disclosed in the annual report and accounts of Arawak for the year ended 31 December 2007, specifically referred to in
the Prospectus or as publicly announced to a Regulatory Information Service by or on behalf of Arawak before 28 October 2008, since 31
December 2007:
(a) no material adverse change or deterioration having occurred in the business, assets, financial or trading position or profits or
prospects of Arawak or any other member of the Wider Arawak Group;
(b) no material litigation or arbitration proceedings, prosecution or other legal proceedings having been instituted, announced,
implemented or threatened in writing by or against or remaining outstanding against or in respect of any member of the Wider Arawak Group or
to which any member of the Wider Arawak Group is or may become a party (whether as plaintiff, defendant or otherwise) the effect of which is
materially adverse to any member of the Wider Arawak Group;
(c) (other than as a result of the Offer) no enquiry or investigation by, or complaint or reference to, any Third Party having been
threatened in writing, announced, implemented or instituted by or against or remaining outstanding against or in respect of any member of
the Wider Arawak Group which in any such case is materially adverse to the interests of any member of the Wider Arawak Group; and
(d) no material contingent or other liability of any member of the Wider Arawak Group having arisen or become apparent or materially
increased;
(x) no member of the Vitol Group having discovered that:
(a) any financial, business or other information concerning Arawak or the Wider Arawak Group that has been disclosed at any time by
or on behalf of any member of the Wider Arawak Group is misleading, contains any material misrepresentation of fact or omits to state a fact
necessary to make the information contained therein not misleading and which was not subsequently corrected before 28 October 2008 by
disclosure either publicly or otherwise to Rosco;
(b) any member of the Wider Arawak Group is subject to any material liability (actual or contingent) that has not been disclosed in
the annual report and accounts of Arawak for the year ended 31 December 2007; or
(c) any information which affects the import of any information disclosed in writing at any time by or on behalf of any member of the
Wider Arawak Group;
(xi) no member of the Vitol Group having discovered that:
(a) any past or present member of the Wider Arawak Group has not complied with all applicable legislation or regulations of any
jurisdiction or authorisations with regard to the storage, disposal, discharge, carriage, spillage, leakage or emission of any waste or
hazardous substance or any substance likely to impair the environment or harm human health, or otherwise relating to environmental matters
or the health and safety of any person, or that there has otherwise been any such use, treatment, handling, storage, transport, release,
disposal, discharge, spillage, leakage or emission (whether or not this constituted a non-compliance by any person with any legislation or
regulations and wherever the same may have taken place) which, in any case, would be likely to give rise to any liability (whether actual or
contingent) or cost on the part of any member of the Wider Arawak Group;
(b) there is, or is likely to be, any material liability (whether actual or contingent) to make good, repair, reinstate or clean up
any property now or previously owned, occupied or made use of by or on behalf of any past or present member of the Wider Arawak Group, or in
which any such member may now or previously have had or be deemed to have or have had an interest, or any other property or any controlled
waters under any environmental legislation, regulation, notice, circular or order or other lawful requirement of any relevant authority or
Third Party or otherwise; or
(c) that circumstances exist whereby a person or class of persons would be likely to have a claim in respect of any product or
process of manufacture or materials used therein now or previously manufactured, sold or carried out by any past or present member of the
Wider Arawak Group.
For the purposes of these conditions:
(a) "Third Party" means any government, government department or governmental, quasi-governmental, supranational, statutory,
regulatory or investigative body, authority (including any national anti-trust or merger control authority), court, trade agency,
association, institution or professional or environmental body or any other person or body whatsoever in any relevant jurisdiction;
(b) a Third Party shall be regarded as having "intervened" if it has decided to take, institute, implement, or threaten any action,
proceeding, suit, investigation or enquiry or reference, or made, enacted or proposed any statute, regulation, decision, order or change to
published practice, or taken any measures or other steps or required any action to be taken or information to be provided or otherwise
having done anything and 'intervene' shall be construed accordingly;
(c) "authorisations" means authorisations, orders, grants, recognitions, confirmations, consents, licences, clearances, permissions,
exemptions and approvals;
(d) "the Wider Arawak Group" means Arawak and its subsidiary undertakings, associated undertakings and any other undertakings in
which Arawak and such undertakings (aggregating their interests) have a substantial interest and "the Wider Vitol Group" means Vitol Holding
B.V. and its subsidiary undertakings, associated undertakings and any other undertaking in which Vitol Holding B.V. and such undertakings
(aggregating their interests) have a substantial interest.
Subject to the requirements of the Panel, Rosco reserves the right to waive all or any of the above conditions, in whole or in part,
except condition (i). The Offer will lapse if it does not become or is not declared unconditional as to acceptances. Further, the Offer will
lapse unless conditions (ii) to (xi) have been fulfilled or (if capable of waiver) waived, or, where appropriate, have been determined by
Rosco to be or remain satisfied, by midnight (London time) on the day which is 21 days after the date on which the Offer becomes or is
declared unconditional as to acceptances, or such later date as Rosco may, with the consent of the Panel, decide, provided that Rosco shall
be under no obligation to waive or treat as fulfilled any of conditions (ii) to (xi) inclusive by a date earlier than the latest date
specified above for the fulfilment thereof notwithstanding that any such condition or the other conditions of the Offer may at such earlier
date have been fulfilled and that there are at such earlier date no circumstances indicating that any of such conditions may not be capable of fulfilment.
The Offer will lapse (unless otherwise agreed by the Panel) if the European Commission either initiates proceedings under Article
6(1)(c) of Council Regulation (EC) No 139/2004, as amended, or makes a referral to a competent national authority under Article 9(1) thereof
and, having done so, the UK Competition Commission initiates an in-depth investigation in relation to the acquisition of Arawak, before the
later of 3.00 pm (London time) on the first closing date of the Offer and the date on which the Offer becomes or is declared unconditional
as to acceptances.
If the Offer lapses it will cease to be capable of further acceptance and Rosco and accepting Arawak Shareholders shall thereupon cease
to be bound by Forms of Acceptance submitted at or before the time when the Offer so lapses.
If Rosco is required by the Panel to make an offer for Arawak Shares under the provisions of Rule 9 of the Code, Rosco may make such
alterations to the terms and conditions of the Offer as are necessary to comply with the provisions of that Rule.
3. Certain further terms of the Offer
The Arawak Shares which are subject to the Offer will be acquired by Rosco fully paid, with full title guarantee and free from all
liens, charges, equitable interests, encumbrances, rights of pre-emption and other third party rights or interests of any nature whatsoever
and together with all rights now or hereafter attached thereto including, without limitation, the right to receive and retain any dividend
and other distribution, announced, declared, made or paid on or after the date of this Announcement.
The availability of the Offer to persons not resident in the United Kingdom or Canada may be affected by the laws of the relevant
jurisdictions. Persons who are not resident in the United Kingdom or Canada should inform themselves about and observe any applicable
requirements.
APPENDIX II
SOURCES AND BASES
In this Announcement:
(i) Unless otherwise stated, financial information concerning Arawak has been extracted from its announcement of results for the
quarter ended 30 June 2008, announced on 14 August 2008.
(ii) The value of the issued share capital of Arawak is based upon 182,644,452 Arawak Shares and excludes Arawak Shares which could
fall to be issued on exercise in full of options granted under the Arawak Share Option Schemes.
(iii) The closing market price of an Arawak Share is the closing middle market price extracted from the Daily Official List or
closing price extracted from the Toronto Stock Exchange, as applicable, for the relevant day.
(iv) For the purposes of converting Canadian dollars (CAD) to pounds sterling (�) a currency exchange rate of CAD 2.0065 to �1.00 has
been applied, being the Bloomberg Rate as at 5.00 pm (London time) on 27 October 2008.
APPENDIX III
DEFINITIONS
The following definitions apply throughout this Announcement, unless the context otherwise requires:
Announcement this announcement, including the summary
and all appendices
Arawak Arawak Energy Limited
Arawak Group Arawak and its subsidiary undertakings
and, where the context permits, each of
them
Arawak Share Option Schemes the Arawak Energy Long-Term Incentive
Plan, the Arawak Energy Share Option Plan
and the Arawak Energy Corporation Stock
Option Plan and any other arrangement for
involving the employees of Arawak and
members of its group in the share capital
of Arawak
Arawak Shareholders holders of Arawak Shares
Arawak Shares the existing unconditionally allotted or
issued common shares in the capital of
Arawak (other than any such shares that
may be Treasury Shares while held by
Arawak) and any further such shares which
are unconditionally allotted or issued
(including pursuant to the exercise of
outstanding options granted under the
Arawak Share Option Schemes) at or prior
to the time at which the Offer closes for
acceptance (or, subject to the provisions
of the Code, such earlier time and/or
date, not being earlier than the date on
which the Offer becomes unconditional as
to acceptances or, if later, the first
closing date of the Offer, as Rosco may
decide)
Australia the Commonwealth of Australia and its
dependent territories
Bloomberg Bloomberg L.P., a financial software
services, news and data company
Bloomberg Rate the average of the "best ask" and "best
bid" �-CAD cross rate, sourced from
Bloomberg
business day a day, not being a Saturday or a Sunday,
on which banks in London and Toronto are
typically open for business
CAD Canadian dollars
Canada Canada, its provinces and territories
Code the City Code on Takeovers and Mergers
Companies Law the Companies (Jersey) Law 1991, as
amended
Conditions the conditions to the Offer set out in
paragraph 2 of Appendix I
Credit Suisse Credit Suisse Securities (Europe) Limited
Daily Official List the Daily Official List of the London
Stock Exchange
Form of Acceptance the form of acceptance and authority for
use by Arawak Shareholders in connection
with the Offer
FSU Former Soviet Union
Japan Japan, its cities, prefectures,
territories and possessions
Kazakhstan or Republic of the Republic of Kazakhstan, its provinces
Kazakhstan and territories
London Stock Exchange London Stock Exchange Group plc
Offer the cash offer to be made by Rosco for all
of the Arawak Shares on the terms and
subject to the conditions to be set out in
the Offer Document and in the Form of
Acceptance including, where the context
requires, any subsequent revision,
variation, extension or renewal of such
offer and includes any election available
thereunder
Offer Document the document to be posted on behalf of
Rosco containing the terms and conditions
of the Offer
Offer Period the period which commenced on 28 October
2008, the date of this an Announcement,
and ending on the first closing date of
the Offer or, if later, the date the Offer
becomes or is declared unconditional as to
acceptances or lapses
Official List the Official List of the London Stock
Exchange
Panel The Panel on Takeovers and Mergers
Pre-Condition the pre-condition to the Offer set out in
paragraph 1 of Appendix I
Prospectus the prospectus relating to Arawak dated 26
June 2008
Regulatory Information Service shall have the meaning given in Appendix
1.1 to the Listing Rules of the UK Listing
Authority
Relationship Agreement the relationship agreement dated 26 June
2008 between Arawak, Rosco and Vitol B.V.
Rosco Rosco S.A., or a
wholly owned
subsidiary of Rosco
S.A. designated by
Rosco S.A. to make
the Offer
subsidiary, subsidiary shall have the
undertaking, associated meanings given by
undertaking and undertaking the Companies Act
2006
Subsoil Law of Kazakhstan the law of
Kazakhstan on
subsoil and subsoil
use first adopted on
27 January 1996 (as
amended)
substantial interest shall mean a direct
or indirect interest
in 20 per cent or
more of the equity
capital of an
undertaking
Treasury Shares any Arawak Shares which are for the time
being held by Arawak as treasury shares
under Article 58(A)(i) of the Companies
Law
UK Listing Authority the Financial
Services Authority
acting in its
capacity as the
competent authority
for listing under
Part VI of the
Financial Services
and Markets Act 2000
UK or United Kingdom the United Kingdom
of Great Britain and
Northern Ireland
US or United States the United States of
America, its
possessions and
territories, all
areas subject to its
jurisdiction or any
subdivision thereof,
any State of the
United States and
the District of
Columbia
US$ the lawful currency
of the US
Vitol Group Vitol Holding B.V. and its subsidiary
undertakings and, where the context
permits, each of them
� pounds sterling, the lawful currency of
England
Grafico Azioni Arawak (LSE:AAK)
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