The FINANCIAL — The Return of Cash, which was approved by Shareholders on 30 January 2012, provided Shareholders with three choices in relation to their B Shares.
According to London Stock Exchange Home Page, as at the close of the Election Period, being 4.30 p.m. on 10 February 2012, the results of elections were as follows:
Choice 1: Single B Share Dividend – valid and deemed elections to accept Choice 1 were received in respect of 909,486,354 B Shares, representing 64.6% of the B Shares in issue;
Choice 2: Initial Purchase Offer – valid elections to accept Choice 2 were received in respect of 489,159,066 B Shares, representing 34.7% of the B Shares in issue; and
Choice 3: Future Purchase Offer – valid elections to accept Choice 3 were received in respect of 9,023,667 B Shares, representing 0.6% of the B Shares in issue.
It is expected that Morgan Stanley, acting as principal, will make the Initial Purchase Offer to purchase the 489,159,066 B Shares in respect of which Shareholders have validly elected for the Initial Purchase Offer on 14 February 2012.
It is also expected that Cairn will declare the Single B Share Dividend of £1.60 per B Share in respect of which Shareholders have, or are deemed to have, made elections on 14 February 2012.
Settlement of the Initial Purchase Offer and Single B Share Dividend for Shareholders is expected to be made on 21 February 2012.
Full details of the Return of Cash and associated Capital Reorganisation are contained in the circular to shareholders dated 10 January 2012. Terms defined in the Circular have the same meaning when used in this announcement.