AAK Arawak

 

TIDMAAK 
 
RNS Number : 6349O 
Arawak Energy Limited 
11 March 2009 
 

 
 
 
 
 
Arawak ENERGY LIMITEd 
Whiteley Chambers, Don Street, St. Helier, Jersey JE4 9WG 
 
 
LSE & TSX TRADING SYMBOL: AAK 
 
 
11 MARCH 2009 
 
 
FOR IMMEDIATE RELEASE 
 
RECOMMENDED CASH OFFER FOR ARAWAK BY ROSCO S.A. 
NOTICE OF CHANGE TO DIRECTORS' CIRCULAR 
 
 
 
 
Arawak Energy Limited ("Arawak" or the "Company") announces that it has posted 
to Arawak Shareholders a notice of change to the Directors' Circular issued on 
30 January 2009 (the "Supplemental Directors' Circular") relating to the 
recommended and increased cash offer to be made by Rosco S.A. ("Rosco") for the 
entire issued and to be issued common share capital of Arawak not already held 
by Rosco and its affiliates at a price of CAD 1.00 per share (the "Offer"). 
The Supplemental Directors' Circular contains additional information regarding 
the formal valuation of the Arawak Shares prepared by an independent valuator 
(the "Valuation") as required under Canadian securities laws as a result of 
Rosco (with its affiliates) being a significant shareholder in Arawak. The 
Valuation, prepared by Macquarie Capital Markets Canada Ltd ("Macquarie"), was 
received by Arawak and Rosco on 6 March 2009. A revised Offer Document (the 
"Supplemental Offer Document"), incorporating the Valuation, has been posted to 
Arawak Shareholders together with the Supplemental Directors' Circular. 
The Valuation reflects the opinion of Macquarie that as at 5 March 2009, Arawak 
Shares have a fair market value of between CAD 0.90 and CAD 1.15 per share. On 
review of the Valuation and having been advised by the RBC Capital Markets, the 
Board of Directors reiterates that it considers the terms of the Offer to be 
fair and reasonable and in the best interests of Shareholders. The Board of 
Directors also reiterates its unanimous recommendation that Shareholders accept 
the Offer and tender their shares to the Offer. 
Copies of the Supplemental Directors' Circular and Rosco's Supplemental Offer 
Document will be available for inspection at the UK Listing Authority's Document 
Viewing Facility, which is situated at: The Financial Services Authority, 25 The 
North Colonnade, Canary Wharf, London E14 5HS. The documents will also be 
available on Arawak's website (www.arawakenergy.com) and on SEDAR 
(www.sedar.com). 
Capitalised terms used, but not defined, in this announcement have the same 
meanings as given to them in the Offer Document. 
  Enquiries: 
 
+-------------------------------------+-------------------------------------+ 
| Arawak Energy Limited               | Tel: +44 20 7973 4285               | 
| Alastair McBain                     |                                     | 
| Charles Carter                      |                                     | 
| Tanya Pang                          |                                     | 
|                                     |                                     | 
+-------------------------------------+-------------------------------------+ 
| RBC Capital Markets                 | Tel: +44 20 7653 4804               | 
| Sarah Wharry                        |                                     | 
|                                     |                                     | 
+-------------------------------------+-------------------------------------+ 
 
 
Pursuant to Rule 2.10 of the Code, Arawak confirms that it has 182,644,452 
common shares of no par value in issue and admitted to trading on the Main 
Market of the London Stock Exchange and the Toronto Stock Exchange. 
 
 
The International Securities Identification Number for Arawak's common shares is 
ISIN: JE00B2QY9G86. 
 
Dealing Disclosure Requirements 
Under the provisions of Rule 8.3 of the Takeover Code (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 that company (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 a potential offeror or by 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 Takeover Panel's website at 
www.thetakeoverpanel.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 (http://www.thetakeoverpanel.org.uk/new/). 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. 
 
 
 
 
Notes to editors 
 
 
Arawak's Common Shares are listed for trading on both the TSX and the LSE under 
the symbol "AAK". The Company is engaged in the exploration, development and 
production of oil and natural gas in Kazakhstan, Russia and Azerbaijan. In 
Kazakhstan, the Company holds five producing fields and two exploration blocks. 
The Company has a 40% participating interest in the Saigak producing block 
acquired in June 2008. The remaining assets are held through its 100% 
wholly-owned subsidiary Altius Energy Corporation ("Altius"). Altius' main 
producing field is Akzhar with smaller fields at Besbolek, Karataikyz and 
Alimbai. The two exploration blocks East Zharkamys III and Tamdykol are also 
situated in western Kazakhstan. Arawak's producing assets in Russia are held 
through ZAO PechoraNefteGas ("PNG") and LLC NK Recher-Komi ("Recher-Komi") in 
which Arawak has a 50% interest with the remaining interest being held by Lundin 
Petroleum AB. Also in Russia, Arawak holds a 100% interest in the Kymbozhyuskaya 
exploration block and in the South Sotchemyu appraisal block. In Azerbaijan, the 
Company's asset is its interest in the Exploration Development and Production 
Sharing Agreement ("EDPSA") for the South West Gobustan oil and gas fields. CGL, 
a company registered in Anguilla, British West Indies, in which the Company has 
a 37.17% interest, holds an 80% interest in the EDPSA with the remaining 20% 
held by an affiliate of SOCAR. The remaining 62.83% share in CGL is held by two 
affiliates of the project operator, CNPC. 
 
 
 
 
 
This information is provided by RNS 
            The company news service from the London Stock Exchange 
   END 
 
 OUPKGGMFKGFGLZM 
 

Grafico Azioni Arawak (LSE:AAK)
Storico
Da Mag 2024 a Giu 2024

Grafico Azioni Arawak (LSE:AAK)
Storico
Da Giu 2023 a Giu 2024