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Ithaca Energy - Consideration Shares AIM Admission

Ithaca Energy - Consideration Shares AIM Admission 
ABERDEEN, SCOTLAND -- (Marketwired) -- 04/22/13 --  *T 
(TSX VENTURE: IAE) 
NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION IN WHOLE OR IN PART, IN,
INTO OR FROM ANY JURISDICTION WHERE TO DO SO WOULD CONSTITUTE A
VIOLATION OF THE RELEVANT LAWS OR REGULATIONS OF SUCH JURISDICTION 
22 April 2013 
Recommended acquisition of 
Valiant Petroleum plc 
by 
Ithaca Energy Holdings (UK) Limited 
(a wholly-owned subsidiary of Ithaca Energy Inc.) 
AIM Admission 
On 1 March 2013, the Boards of Directors of Ithaca Energy Inc. (TSX: IAE), 
(LSE: IAE) ("Ithaca") and Valiant Petroleum plc ("Valiant")
announced that they had reached agreement on the terms of a recommended
acquisition under which Ithaca Energy Holdings (UK) Limited, a wholly
owned subsidiary of Ithaca, would acquire the entire issued and to be
issued share capital of Valiant by means of a Court-sanctioned scheme
of arrangement under Part 26 of the Companies Act 2006 (the "Scheme"). 
The Court sanctioned the Scheme on 18 April 2013 and admission to
trading of Valiant Shares on AIM was cancelled with effect from 7.00
a.m. on 19 April 2013. 
A total of 56,952,321 Ithaca Consideration Shares have been issued and
allotted to holders of Scheme Shares, following which issue and
allotment Ithaca has a total of 316,905,657 common shares outstanding.
Admission of the Ithaca Consideration Shares to AIM, and crediting of
the Ithaca Consideration Shares to CREST accounts, will occur at 8.00
a.m. today, 22 April 2013. Ithaca has received approval from the
Toronto Stock Exchange to list the Ithaca Consideration Shares
conditional upon Ithaca fulfilling all routine listing requirements of
the Toronto Stock Exchange. 
The latest date for despatch of share certificates in respect of the
Ithaca Consideration Shares due under the Scheme will be 3 May 2013. 
Settlement of cash consideration will be effected by Ithaca Energy
Holdings (UK) Limited no later than 3 May 2013 either through CREST or
by cheque, as appropriate. 
Defined terms used but not defined in this announcement have the
meanings set out in the Scheme Document dated 12 March 2013. 
- Ends - 
Enquiries: 
Ithaca
Iain McKendrick, Chief Executive Officer        +44 (0) 1224 650 261
Graham Forbes, Chief Financial Officer          +44 (0) 1224 652 151 
Cenkos Securities plc (Financial Adviser, Nominated
Adviser and Broker to Ithaca)
Jon Fitzpatrick                                 +44 (0) 207 397 8900
Neil McDonald                                   +44 (0) 131 220 6939
Joe Nally (Corporate Broking)                   +44 (0) 207 397 8900 
FTI Consulting (Public Relations Adviser to Ithaca)
Billy Clegg                                     +44 (0) 207 269 7157
Edward Westropp                                 +44 (0) 207 269 7230
Georgia Mann                                    +44 (0) 207 269 7212 
About Ithaca Energy: 
Ithaca Energy Inc. (TSX: IAE, LSE AIM: IAE) and its wholly owned
subsidiary Ithaca Energy (UK) Limited ("Ithaca" or "the Company"),is an
oil and gas operator focused on North Sea production, appraisal and
development activities. The Company's strategy is centred on building
a highly profitable North Sea oil and gas company by maximising
production and cashflow from its existing assets, the appraisal and
development of existing discoveries on properties held by the Company
and the delivery of additional growth via acquisitions and licence
round participation. 
Cenkos Securities plc, which is authorised and regulated in the United
Kingdom by the Financial Conduct Authority, is acting for Ithaca and
Ithaca Bidco and no-one else in connection with the Acquisition and
will not be responsible to anyone other than Ithaca and Ithaca Bidco
for providing the protections afforded to clients of Cenkos Securities
plc nor for providing advice in relation to the Acquisition. Neither
Cenkos Securities plc 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 Cenkos
Securities plc in connection with this announcement, any statement
contained herein or otherwise. In addition, in accordance with, and to
the extent permitted by, the Code, normal UK market practice and
section 14(e) of, and Regulation 14E under, the US Securities Exchange
Act of 1934, as amended (the "Exchange Act") subject to the exemptions
provided by Rule 14d-1 under the Exchange Act, Cenkos Securities plc
will continue to act as an exempt principal trader in Ithaca Shares on
the London Stock Exchange and engage in certain other purchasing
activities consistent with its respective normal and usual practice and
applicable law. 
Scotia Capital Inc., which is authorised and regulated in the United
Kingdom by the Financial Conduct Authority, is acting for Ithaca and
Ithaca Bidco and no-one else in connection with the Acquisition and
will not be responsible to anyone other than Ithaca and Ithaca Bidco
for providing the protections afforded to clients of Scotia Capital
Inc. nor for providing advice in relation to the Acquisition. Neither
Scotia Capital Inc. 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 Scotia
Capital Inc. in connection with this announcement, any statement
contained herein or otherwise. 
This announcement is for information purposes only and 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 any
securities in any jurisdiction, pursuant to the Acquisition or
otherwise, nor shall there be any sale, issue or transfer of the
securities referred to in this announcement in any jurisdiction in
contravention of applicable law. 
This announcement has been prepared for the purpose of complying with
English 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 of jurisdictions outside the
United Kingdom. 
The availability of the Ithaca Consideration Shares in, and the
release, publication or distribution of this announcement in or into,
jurisdictions other than the United Kingdom may be restricted by law
and therefore persons into whose possession this announcement comes who
are not resident in the United Kingdom should inform themselves about,
and observe, any applicable restrictions. Valiant Shareholders who are
in any doubt regarding such matters should consult an appropriate
independent adviser in the relevant jurisdiction without delay. Any
failure to comply with such restrictions may constitute a violation of
the laws of any such jurisdiction. 
The Acquisition relates to the shares of an English company (a "foreign
private issuer" as defined under Rule 3b-4 under the Exchange Act) and
was made by means of a scheme of arrangement provided for under, and
governed by, English law. Neither the proxy solicitation rules nor the
tender offer rules under the Exchange Act apply to the Scheme.
Accordingly, the Ithaca Consideration Shares to be issued pursuant to
the Scheme have not been and wi
ll not be registered under the US
Securities Act of 1933, as amended (the "Securities Act") or under the
relevant securities laws of any state or territory or other
jurisdiction of the United States, but are expected to be offered in
the United States in reliance upon the exemption from the registration
requirements of the Securities Act provided by section 3(a)(10) thereof
and exemptions provided under the laws of each state of the United
States in which eligible Valiant Shareholders may reside. 
None of the securities referred to in this announcement have been
approved or disapproved by the US Securities and Exchange Commission,
any state securities commission in the United States or any other US
regulatory authority, nor have such authorities passed upon or
determined the adequacy or accuracy of this announcement. Any
representation to the contrary is a criminal offence in the United
States. This announcement does not constitute an offer to sell, or the
solicitation of any offer to buy, any Ithaca Consideration Shares in
any jurisdiction in which such an offer or solicitation would be
unlawful. 
Valiant is incorporated under the laws of England and Wales, Ithaca
Bidco is incorporated under the laws of Scotland, and Ithaca is
incorporated under the laws of Alberta, Canada. Some or all of the
officers and directors of Valiant, Ithaca Bidco and Ithaca may be
residents of countries other than the United States. It may not be
possible to sue Valiant, Ithaca Bidco and Ithaca in a non-US court for
violations of US securities laws. It may be difficult to compel
Valiant, Ithaca Bidco, Ithaca and their respective affiliates to
subject themselves to the jurisdiction and judgment of a US court. 
The Ithaca Consideration Shares to be issued pursuant to the Scheme
have not been and will not be registered under the relevant securities
laws of the Kingdom of Denmark, the Faroe Islands or Japan and the
relevant clearances have not been, and will not be, obtained from the
securities commission or similar regulatory authority of any province
or territory of Canada or Australia. Accordingly, the Ithaca
Consideration Shares are not being, and may not be, offered, sold,
resold, delivered or distributed, directly or indirectly in or into
Canada, Australia or Japan or any other jurisdiction if to do so would
constitute a violation of relevant laws of, or require registration
thereof in, such jurisdiction (except pursuant to an exemption, if
available, from any applicable registration or prospectus requirements
and otherwise in compliance with all applicable laws). No prospectus in
relation to the Ithaca Consideration Shares has been, or will be,
lodged or filed with, or registered by, the securities commission or
similar regulatory authority of any province or territory of Canada or
the Australian Securities and Investments Commission. 
The Ithaca Consideration Shares to be issued pursuant to the Scheme
will be issued in reliance upon exemptions from the prospectus
requirements of securities legislation in each province and territory
of Canada. Subject to certain disclosure and regulatory requirements
and to customary restrictions applicable to distributions of shares
that constitute "control distributions", Ithaca Consideration Shares
may be resold in each province and territory in Canada, subject in
certain circumstances, to the usual conditions that no unusual effort
has been made to prepare the market or to create demand, no
extraordinary commission or consideration is paid and, if the selling
shareholder is an insider or officer of Ithaca, such shareholder has no
reasonable grounds to believe that Ithaca is in default of securities
legislation. 
A copy of this announcement will be made available, free of charge
subject to certain restrictions relating to persons resident in
Restricted Jurisdictions, at www.valiant-petroleum.com and
www.ithacaenergy.com. 
Neither the content of any website referred to in this announcement nor
the content of any website accessible from hyperlinks on Ithaca or
Valiant's website (or any other website) is incorporated into, or forms
part of, this announcement. 
This information is provided by RNS 
The company news service from the London Stock Exchange 
END 


 
 
 
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