TIDMGTL

RNS Number : 6177R

Sinav Limited

07 November 2011

7 November 2011

Sinav Limited

("Sinav")

Statement re: irrevocable undertaking and letter of intent in respect of the recommended cash offer for GTL Resources PLC ("GTL")

Sinav notes the Form 8.3 dealing disclosure released today by Henderson Global Investors in connection with the purchase of 200,000 ordinary shares of 1p each in GTL (the "Dealing").

In accordance with the terms of the irrevocable undertaking and statement of intent provided to NAV LLP, for the benefit of Sinav, by Henderson Global Investors Limited and Gartmore Investment Limited on 14 October 2011, following the Dealing, Sinav now holds an irrevocable undertaking and increased statement of intent to vote (or procure the vote) in favour of the resolutions to be proposed at the Meetings (or, in the event the Proposals are implemented by way of a Takeover Offer, to accept, or procure the acceptance of such an offer) in respect of 2,205,324 and 7,255,341 GTL Shares respectively, representing approximately 6.89 per cent. and 22.68 per cent. of the existing issued ordinary share capital of GTL respectively. Further details of the holdings of the underlying investment management clients concerned are set out below:

 
 Name                                     Number of     Percentage of 
                                          GTL Shares    GTL's existing 
                                                        issued ordinary 
                                                         share capital 
--------------------------------------  ------------  ----------------- 
 1) Irrevocable undertaking 
 Henderson UK Small Cap Best Ideas        2,205,324         6.89% 
  Fund* 
                                          2,205,324          6.89% 
 2) Statement of intent 
 Strathclyde Pension Fund*                2,031,288         6.35% 
 Henderson UK and Irish Smaller 
  Companies Fund*                         1,903,420         5.95% 
 The Alphagen Volantis Fund Limited**     3,320,633         10.38% 
                                          7,255,341         22.68% 
--------------------------------------  ------------  ----------------- 
 
     *   - fund managed by Henderson Global Investors Limited.

** - fund managed by Gartmore Investment Limited.

The full details of the irrevocable undertaking and statement of intent, including the circumstances in which the irrevocable undertaking will cease to be binding, were set out in Sinav's Form 8 Opening Position Disclosure announced on 31 October 2011 and, save for the increase of 70,000 shares announced by Sinav on 3 November 2011 and the abovementioned further increase, remain unchanged.

Unless the context otherwise requires, defined terms used in this announcement shall have the meanings given to them in the offer announcement released by Sinav on 31 October 2011.

Enquiries:

Sinav Limited

   Christopher Mills, Director                                          Tel: +44 (0) 207 747 5678

Strand Hanson Limited

(Financial Adviser to Sinav and NAV LLP)

   Simon Raggett                                                           Tel: +44 (0) 207 409 3494

Matthew Chandler

This information is provided by RNS

The company news service from the London Stock Exchange

END

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