ECG Econergy Intl

    RNS Number : 0009A
  Econergy International Plc
  28 July 2008
   


    Econergy International PLC - Offer Update

    On 14th May 2008, the Independent Directors of Econergy International PLC ("Econergy") entered into an irrevocable undertaking, in
respect of 7,442,709 shares of Econergy representing approximately 8.6% of the existing issued ordinary share capital of Econergy held
amongst them, to vote in favour of a proposal by Trading Emissions PLC ("TEP") to acquire all shares of Econergy by way of a scheme of
arrangement under section 152 of the Isle of Man Companies Act 1931. On July 25, 2008, TEP has released the Independent Directors from all
obligations under the aforesaid irrevocable undertaking with immediate effect. The Independent Directors released from their obligations are
Thomas Stoner, Frederick Renner, Lee Atkins, Jack Pester and Peter Vanderpump. 

    28th July 2008

Enquiries:

    Piper Jaffray Ltd.                        Tel: +44 (0) 20 3142 8700
    Michael Covington / Amer Khan


    Pelham Public Relations            Tel: +44 (0) 20 7743 6675
    Chelsea Hayes / Archie Berens


    Piper Jaffray Limited, which is authorised and regulated in the United Kingdom by the Financial Services Authority, is acting
exclusively for Econergy and no-one else in connection with the SESA Offer and the TEP Scheme and will not be responsible to anyone other
than Econergy for providing the protections afforded to clients of Piper Jaffray Limited nor for providing advice in relation to the SESA
Offer and the TEP Scheme, or any other matter or arrangement referred to in this announcement.

    Dealing disclosure requirements
    Under the provisions of Rule 8.3 of the City Code, if any person, whether or not an associate, is, or becomes, "interested" (directly or
indirectly) in 1 per cent. or more of any class of "relevant securities" of Trading Emissions or Econergy, or as a result of any transaction
will be interested in 1 per cent. or more, all "dealings" in any "relevant securities" (including by means of an option in respect of, or a
derivative referenced to, any such "relevant securities") of that company by such person (or any person through whom that interest is
derived) must be publicly disclosed by no later than 3.30 p.m. (London time) on the Business Day following the date of the relevant
transaction. This requirement will continue until the date on which the TEP Scheme and/or the SESA Offer becomes effective or lapses or is
otherwise withdrawn. 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 Trading Emissions or Econergy, 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 City Code, all "dealings" in "relevant securities" of Econergy or of Trading Emissions by
Econergy or by Trading Emissions, or by any of their respective "associates", or of Econergy by Econergy or SESA, or by any of their
respective
    "associates", must be disclosed by no later than 12.00 noon (London time) on the 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.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 City 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. For the purposes of this announcement,
the "Independent Econergy Directors" means Thomas Stoner, Lee Atkins, Frederick Renner, Jack Pester, Peter Vanderpump and Gerald Jones.


    END


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