Arrowgrass Capital Partners LLP
LSE : TTM

May 17, 2012 10:20 ET

Rule 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 are       Arrowgrass Capital Partners LLP
   being disclosed:
(b)Owner or controller of interests and short positions      N/A
   disclosed, if different from 1(a):
   The naming of nominee or vehicle companies is
   insufficient
(c)Name of offeror/offeree in relation to whose relevant     International Power PLC
   securities this form relates:
   Use a separate form for each offeror/offeree
(d)If an exempt fund manager connected with an offeror/      N/A
   offeree, state this and specify identity of offeror/
   offeree:
(e)Date position held/dealing undertaken:                    16 May 2012
(f)Has the discloser previously disclosed, or are they       No
   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      46,298,538    0.91
(3)Options and agreements to purchase/sell:                                                         
   TOTAL:                                                    3,322,294     0.07      46,298,538    0.91
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:              39,450,000     17.28                   
(2)Derivatives (other than options):                                                                
(3)Options and agreements to purchase/sell:                                                         
   TOTAL:                                                    39,450,000     17.28                   



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
                                                                             

(b)     Derivatives transactions (other than options)
                                                 
 Class of relevant        Product          Nature of dealing          Number of        Price per
      security          description      e.g. opening/closing a       reference          unit
                          e.g. CFD        long/short position,        securities
                                         increasing/reducing a
                                          long/short position
    50p ordinary           CFD              Increasing Short           85,130          GBP 4.18

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

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


(ii)    Exercising

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

(d)     Other dealings (including subscribing for new securities)

 Class of relevant           Nature of dealing                Details          Price per unit (if
      security         e.g. subscription, conversion                               applicable)
                                                                               

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 Positions)         No
attached?

Date of disclosure:                               17 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