Glencore International AG acquires further shares of Caracal Energy Mittwoch, 30. April 2014 - 18:26

NEWS RELEASE
30 April 2014
GLENCORE INTERNATIONAL AG ACQUIRES FURTHER SHARES OF CARACAL ENERGY


Glencore International AG (“Glencore”) a subsidiary of Glencore Xstrata plc
announces that it has today acquired, through a subsidiary 8682321 Canada
Inc., 2,246,494 common shares of Caracal Energy Inc. (“Caracal”),
representing 1.53% of Caracal’s outstanding common shares. The acquisition
brings Glencore’s total beneficial ownership, directly or indirectly, in
Caracal to 21,185,914 common shares (representing approximately 13.82% of
Caracal’s outstanding common shares assuming the conversion of Glencore’s
US$40 million principal amount of Caracal convertible bonds due September
2017). The acquired shares were purchased through the facilities of the
London Stock Exchange at a price of GBP5.50 (C$10.17 per common share
assuming exchange rate of 1:1.85). This further acquisition of shares
brings Glencore’s total acquisition of Caracal common shares since April
14, 2014 to 12,400,000 shares, representing 8.45% of Caracal’s outstanding
common shares on a non-diluted basis.


On April 14, 2014, Caracal entered into an arrangement agreement (the “
Arrangement Agreement”) pursuant to which Glencore, through a wholly-owned
subsidiary, would acquire all of the outstanding Caracal common shares at a
price of GBP5.50 per common share in cash pursuant to a plan of arrangement
under the Canada Business Corporations Act (the “Arrangement”).


Pursuant to the Arrangement Agreement (as amended and restated on April 24,
2014) Glencore and affiliates are entitled to acquire additional Caracal
common shares through purchases over a stock exchange up to 8.6% of the
outstanding Caracal common shares on a non-diluted basis.


Glencore intends to vote the Caracal common shares acquired and all other
shares owned by Glencore, directly or indirectly, in favour of the
Arrangement at the special meeting of Caracal shareholders at which the
Arrangement is voted upon. Glencore may acquire additional Caracal common
shares to the extent permitted by the Arrangement Agreement.


Contacts:

Charles Watenphul (Media)
t: +41 (0) 41 709 2462
m: +41 (0) 79 904 3320
charles.watenphul@glencore.com

Paul Smith (Investors)
t: +41 (0) 41 709 2487
m: +41 (0) 79 947 1348
paul.smith@glencore.com

John Burton (Company Secretary)
t: +41 (0) 41 709 2619
m: + 41 (0) 79 944 5434
john.burton@glencore.com



About Glencore


Glencore is one of the world’s largest global diversified natural resource
companies. As a leading integrated producer and marketer of commodities
with a well-balanced portfolio of diverse industrial assets, we are
strongly positioned to capture value at every stage of the supply chain,
from sourcing materials deep underground to delivering products to an
international customer base. The Group’s industrial and marketing
activities are supported by a global network of more than 90 offices
located in over 50 countries. The Group’s diversified operations comprise
over 150 mining and metallurgical sites, offshore oil production assets,
farms and agricultural facilities. We employ approximately 190,000 people,
including contractors.