Statement re Possible Offer

    RNS Number : 8742D
  Chieftain Group PLC
  19 September 2008
   

    FOR IMMEDIATE RELEASE
    19 September 2008

    Chieftain Group plc
    Statement re possible offer

    The Board of Chieftain Group plc ("Chieftain" or "the Company") announces that it has received an approach from a third party that may
or may not lead to an offer being made for the Company (the "Approach"). Discussions are at an advanced stage and are continuing, and a
further announcement will be made in due course as appropriate. The Approach is in cash at a price of 209.2p per share (excluding the
dividend declared on 4 September 2008) valuing the entire share capital of the Company at approximately �18.3 million. This announcement has
been made with the approval of the potential offeror and the Chieftain Board has indicated its willingness to recommend an offer at this
level.  However, there can be no certainty that an offer will be made nor as to the terms on which any offer might be made.

    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  Chieftain, 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date on which the offer becomes, or is declared, unconditional as to acceptances, lapses or is otherwise withdrawn or on which the "offer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 Chieftain, 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 Chieftain by the offeror or the offeree
company, 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. 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.

    ENDS

    Enquiries:
    Chieftain Group plc                                          0191 263 5544
    Bill Taylor, Chief Executive

    Brewin Dolphin Investment Banking            0845 270 8610
    Andrew Emmott
    Sean Wyndham-Quin

    Rawlings Financial PR                                     01653 618 016
    Catriona Valentine
    Keeley Clarke



This information is provided by RNS
The company news service from the London Stock Exchange
 
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