Changes to Takeover Code – Suspended Voting Shares
18 November 2015
Genel Energy plc
Changes to Takeover Code - Suspended Voting Shares
Genel Energy plc (the "Company") notes the publication on 23 October 2015 of the Response Statement by the Code Committee of the Takeover Panel following the consultation on PCP 2015/2 in relation to restrictions and suspensions of voting rights ("RS 2015/2").
As stated in RS 2015/2, with effect from 23 November 2015 the definition of "Voting Rights" in the Takeover Code will change, so that any shares which are subject to a suspension of voting rights will normally be regarded as having voting rights which are currently exercisable at a general meeting.
Paragraph 1.8 of RS 2015/2 provides that companies that have in the past issued suspended voting shares, which remain in issue, should consult with the Panel Executive in order to obtain a ruling regarding the application of the Takeover Code to the Company, taking account of the facts of the particular case.
The Company has 29,621,685 existing suspended voting shares in issue and it has consulted with the Panel Executive in accordance with paragraph 1.8 of RS 2015/2.
The Panel Executive has confirmed to the Company that its existing suspended voting shares will not be treated as having "Voting Rights" for the purposes of the Takeover Code.
For further information please contact:
Sarah Robertson, CompanySecretary
Phil Corbett, Head of Investor Relations
|+44 20 7659 5100|
Notes to editors:
Genel Energy is an independent oil and gas exploration and production company listed on the main market of the London Stock Exchange (LSE: GENL). The Company, with headquarters in London and additional offices in Ankara and Erbil, is the largest independent oil producer and the largest holder of reserves and resources in the Kurdistan Region of Iraq and, through its Miran and Bina Bawi gas fields, is set to be a cornerstone provider of gas to Turkey under the KRI-Turkey Gas Sales Agreement. Genel also continues to pursue further growth opportunities within the Middle East and Africa. For further information, please refer to www.genelenergy.com.