Arrowgrass Capital Partners LLP
LSE : TTM

May 30, 2012 10:20 ET

Form 8.3 - International Power PLC

                                                                                           FORM 8.3

                      PUBLIC OPENING POSITION DISCLOSURE/DEALING DISCLOSURE BY
                A PERSON WITH INTERESTS IN RELEVANT SECURITIES REPRESENTING 1% OR MORE


                             Rule 8.3 of the Takeover Code (the "Code")
                                                  
                                                  
1.      KEY INFORMATION

(a) Identity of the person whose positions/dealings         Arrowgrass Capital Partners LLP
    are being disclosed:
(b) Owner or controller of interests and short              N/A
    positions disclosed, if different from 1(a): 
    The naming of nominee or vehicle companies is
    insufficient
(c) Name of offeror/offeree in relation to whose            International Power PLC
    relevant securities this form relates: 
    Use a separate form for each offeror/offeree
(d) If an exempt fund manager connected with an             N/A
    offeror/ offeree, state this and specify identity of
    offeror/ offeree:
(e) Date position held/dealing undertaken:                  29 May 2012
(f) Has the discloser previously disclosed, or are          No
    they today disclosing, under the Code in respect of
    any other party to this offer?

2. POSITIONS OF THE PERSON MAKING THE DISCLOSURE

(a)     Interests and short positions in the relevant securities of the offeror or offeree to  which
        the disclosure relates following the dealing (if any)
        
Class of relevant security:                                          50p ordinary
                                                          Interests             Short positions
                                                       Number        %          Number        %
(1) Relevant securities owned and/or controlled:                                              
(2) Derivatives (other than options):                  3,322,294     0.07     64,393,710    1.26
(3) Options and agreements to purchase/sell:                                                  
    TOTAL:                                             3,322,294     0.07     64,393,710    1.26
Class of relevant security:                                3.25% Convertible Bonds due 2013
                                                          Interests              Short positions
                                                       Number        %           Number       %
(1) Relevant securities owned and/or controlled:       85,650,000    37.24                    
(2) Derivatives (other than options):                                                         
(3) Options and agreements to purchase/sell:                                                  
    TOTAL:                                             85,650,000    37.24                    
Class of relevant security:                                3.75% Convertible Bonds due 2023
                                                          Interests              Short positions
                                                       Number        %           Number       %
(1) Relevant securities owned and/or controlled:       62,986,000    27.59                    
(2) Derivatives (other than options):                                                         
(3) Options and agreements to purchase/sell:                                                  
    TOTAL:                                             62,986,000    27.59                    
Class of relevant security:                                4.75% Convertible Bonds due 2015
                                                          Interests              Short positions
                                                       Number        %           Number         %
(1) Relevant securities owned and/or controlled:       62,150,000    8.88                     
(2) Derivatives (other than options):                                                         
(3) Options and agreements to purchase/sell:                                                  
    TOTAL:                                             62,150,000    8.88

All interests and all short positions should be disclosed.

Details  of  any  open derivative or option positions, or agreements to purchase  or  sell  relevant
securities, should be given on a Supplemental Form 8 (Open Positions).

(b)     Rights to subscribe for new securities (including directors' and other executive options)

Class of relevant security in relation to
which subscription right exists:


If  there  are  positions  or rights to subscribe to disclose in more than  one  class  of  relevant
securities of the offeror or offeree named in 1(c), copy table 2(a) or (b) (as appropriate) for each
additional class of relevant security.

3.      DEALINGS (IF ANY) BY THE PERSON MAKING THE DISCLOSURE
        
(a)     Purchases and sales

Class of relevant security           Purchase/sale      Number of       Price per unit
                                                        securities
3.75% Convertible Bonds due 2023     Purchase           2,500,000       USD 382.70

(b)     Derivatives transactions (other than options)

Class of relevant     Product        Nature of dealing e.g.    Number of        Price per
security              description    opening/closing a         reference        unit
                      e.g. CFD       long/short position,      securities
                                     increasing/reducing a
                                     long/short position
50p ordinary          CFD            Increasing Short          1,470,000        USD 6.50
50p ordinary          CFD            Increasing Short          4,000,000        GBP 4.13

(c)     Options transactions in respect of existing securities
(i)     Writing, selling, purchasing or varying

Class of     Product      Writing,     Number of    Exercise   Type e.g.    Expiry    Option
relevant   description   purchasing,   securities    price     American,     date     money
security       e.g.       selling,        to        per unit    European              paid/
               call      varying etc.    which                    etc.               received
              option                    option                                         per
                                        relates                                        unit



(ii)    Exercising

Class of relevant   Product description         Number of            Exercise price per
security             e.g. call option           securities                 unit



(d)     Other dealings (including subscribing for new securities)
                                                  
Class of relevant    Nature of dealing                  Details          Price per unit
security             e.g. subscription,                                  (if applicable)
                     conversion



The currency of all prices and other monetary amounts should be stated.

Where  there  have  been dealings in more than one class of relevant securities of  the  offeror  or
offeree  named in 1(c), copy table 3(a), (b), (c) or (d) (as appropriate) for each additional  class
of relevant security dealt in.

4.      OTHER INFORMATION

(a)     Indemnity and other dealing arrangements

Details of any indemnity or option arrangement, or any agreement or understanding, formal or
informal, relating to relevant securities which may be an inducement to deal or refrain from dealing
entered into by the person making the disclosure and any party to the offer or any person acting in
concert with a party to the offer:
If there are no such agreements, arrangements or understandings, state "none"
None


(b)     Agreements, arrangements or understandings relating to options or derivatives

Details of any agreement, arrangement or understanding, formal or informal, between the
person making the disclosure and any other person relating to:
(i)  the voting rights of any relevant securities under any option; or
(ii) the voting rights or future acquisition or disposal of any relevant securities to
     which any derivative is referenced:
If there are no such agreements, arrangements or understandings, state "none"
None


(c)     Attachments

Is a Supplemental Form 8 (Open                 No
Positions) attached?

Date of disclosure:                            30 May 2012

Contact name:                                  Moana Moore

Telephone number:                              0203 100 1000

Public  disclosures  under Rule 8 of the Code must be made to a Regulatory Information  Service  and
must also be emailed to the Takeover Panel at monitoring@disclosure.org.uk.

The Panel's Market Surveillance Unit is available for consultation in relation to the Code's dealing
disclosure requirements on +44 (0)20 7638 0129.

The Code can be viewed on the Panel's website at www.thetakeoverpanel.org.uk.

Contact Information

  • Arrowgrass Capital Partners LLP