On 19 December 2007, Petronas International Corporation Ltd (”PICL”) and Star Energy Group PLC jointly announced (the “Recommended Increased Offer Announcement”) that they had reached agreement on the terms of a recommended increased cash offer for the entire issued and to be issued share capital of Star Energy not already held by PICL at 380 pence per Star Energy share (the “Revised Offer”).
On 2 January 2008, PICL and Star Energy posted the offer document setting out the terms of the Revised Offer (the “Revised Offer Document”).
As stated in the Recommended Increased Offer Announcement and the Revised Offer Document, the first closing date of the Revised Offer is 1:00 p.m. on 16 January 2008.
PICL announces that, as at 1.00 p.m. on 16 January 2008, valid acceptances had been received in respect of a total of 40,909,984 Star Energy shares, representing approximately 43.0 per cent. of the issued share capital of Star Energy and, together with PICL’s existing shareholding of 52,885,455 Star Energy shares, representing
approximately 98.5 per cent. of the issued share capital of Star Energy.
This above total includes acceptances received in respect of 33,939,913 Star Energy shares (representing approximately 35.8 per cent. of the issued share capital of Star Energy) which were subject to an irrevocable commitment procured by PICL or any of its associates.