TIDMNBPO

RNS Number : 6847F

New Britain Palm Oil Limited

24 February 2015

NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION (IN WHOLE OR IN PART) IN, INTO OR FROM ANY JURISDICTION WHERE TO DO SO WOULD CONSTITUTE A VIOLATION OF THE RELEVANT LAWS OF SUCH JURISDICTION

24 February 2015

New Britain Palm Oil Limited

("NBPOL", the "Group" or the "Company")

UPDATE ON CASH TAKEOVER OFFER FROM SIME DARBY PLANTATION

New Britain Palm Oil Limited (LSE: NBPO; POMSoX: NBO), one of the world's largest fully integrated producers of sustainable palm oil, provides the following update regarding the cash offer by Sime Darby Plantation Sdn Bhd ("Sime Darby Plantation") for all the issued and to be issued shares in NBPOL at a price of GBP 7.15 or PGK 28.79 per share (the "Offer").

The Company notes today's Bursa Malaysia announcement by Sime Darby Plantation's ultimate parent company, Sime Darby Berhad, with respect to the level of acceptances received in response to the Offer. Following the closing of the Offer, total acceptances representing approximately 98.8% of NBPOL's voting shares have been received by Sime Darby Plantation.

The Offer consideration will be settled by 2 March 2015.

A full copy of the Bursa Malaysia announcement by Sime Darby Berhad can be downloaded at www.bursamalaysia.com.

The Company will continue to update its shareholders of any further material developments in connection with the Offer.

Enquiries:

 
   New Britain Palm Oil Limited        Tel (Singapore): +65 6227 
    Nick Thompson (Chief Executive      6247 
    Officer) 
    Amir Mohareb (Chief Financial 
    Officer) 
    Ben Oakley (Corporate Development 
    and IR) 
   Newgate Communications              Tel: +44 (0)20 7680 6550 
    (PR Adviser)                        Email: nbpol@newgatecomms.com 
    James Benjamin 
    Clotilde Gros 
    Georgia Lewis

Website: www.nbpol.com.pg

Notes to editors:

NBPOL is a large scale integrated industrial producer of sustainable palm oil in Australasia, headquartered in Papua New Guinea ('PNG'). It has over 79,800 hectares of planted oil palm estates, over 7,700 hectares of sugar cane and a further 9,200 hectares of grazing pasture; twelve oil mills; two refineries, one in PNG, and one in Liverpool, UK; and a seed production and plant breeding facility. The Company is listed on both the Main Market of the London Stock Exchange and on the Port Moresby Stock Exchange in PNG.

NBPOL is fully vertically integrated, producing its own seed (which it also sells globally), planting, cultivating and harvesting its own land, and processing and refining palm oil (both in PNG and the UK). It also contracts directly with its end customers in the EU and arranges shipping of its products.

NBPOL has high regard for the importance of its sustainability credentials. It has achieved 100% certification of all estates, mills and smallholders to the Roundtable on Sustainable Palm Oil ('RSPO') standard. NBPOL continues to be active in proving its performance through its certification to ISO 14001 and its close involvement with other innovative initiatives. The Company is a certified supplier of sustainable palm oil from its entire production base in PNG and Solomon Islands, under the RSPO guidelines.

Important Notice

A copy of this announcement will be available at www.nbpol.com.pg. The content of the website referred to in this announcement is not incorporated into and does not form part of this announcement. This announcement is for information purposes only. Except as otherwise provided, terms defined in the Offer Document dated 23 October 2014 have the same meaning when used in this announcement.

The distribution of this document, in or into some jurisdictions, may be restricted by law or regulation. Accordingly, persons who come into possession of this document should inform themselves of, and observe, those restrictions.

This announcement is for information purposes only and does not constitute a prospectus or prospectus equivalent document. It is not intended to and does not constitute, or form part of, an offer, invitation or the solicitation of an offer to purchase, otherwise acquire, subscribe for, sell or otherwise dispose of any securities, or the solicitation of any vote or approval in any jurisdiction, nor shall there be any sale, issuance or transfer of securities in any jurisdiction in contravention of applicable law.

This document contains forward looking statements, including statements of current intentions, statements of opinion and predictions as to possible future events. Forward looking statements are not based on historical facts, but are based on NBPOL's current expectations of future results or events. These forward looking statements are subject to known and unknown risks, uncertainties and assumptions which could cause actual results or events to differ materially from the expectations described in such forward looking statements. Those risks, uncertainties, assumptions and other important factors are not all within the control of NBPOL and cannot be predicted by NBPOL. While NBPOL believes that the expectations reflected in the forward looking statements in this document are reasonable, no assurance can be given that such expectations will prove to be correct. Matters as yet not known to NBPOL or not currently considered material by NBPOL may cause actual results or events to be materially different from those expressed, implied or projected in any forward looking statements.

None of NBPOL, its officers, any persons named in this document with their consent or any person involved in the preparation of this document makes any representation, assurance or guarantee as to the accuracy or likelihood of fulfilment of any forward looking statement or any outcomes expressed or implied in any forward looking statements. Any forward looking statement contained in this document is qualified by this cautionary statement.

Subject to any continuing obligations under the laws of PNG, the LSE Listing Rules or the POMSoX Listing Rules, NBPOL and its officers disclaim any obligation or undertaking to disseminate after the date of this document any updates or revisions to any forward looking statements to reflect any change in expectations in relation to any forward looking statements or any change in events, conditions or circumstances on which such statements are based.

- ENDS -

This information is provided by RNS

The company news service from the London Stock Exchange

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