Arrowgrass Capital Partners LLP
LSE : TTM

February 13, 2012 08:34 ET

Rule 8.3 - Xstrata 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        Xstrata 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:                       10 February 2012
(f) Has the discloser previously disclosed, or are they          Yes, Glencore International Plc
    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:                                           USD 0.01 ordinary

                                                                Interests        Short positions
                                                             Number        %     Number        %
(1) Relevant securities owned and/or controlled:				
(2) Derivatives (other than options):                     1,937,003     0.07     15,254     0.00
(3) Options and agreements to purchase/sell:                                    108,000     0.00
    TOTAL:                                                1,937,003     0.07    123,254     0.00


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 securities      Price per unit
			

(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
USD 0.01 ordinary    CFD        Increasing Long          50,000       GBP 11.95
USD 0.01 ordinary    CFD        Increasing Long          100,000      GBP 11.94
USD 0.01 ordinary    CFD        Reducing Long            100,000      GBP 11.95
USD 0.01 ordinary    CFD        Reducing Long            75,000       GBP 11.95
USD 0.01 ordinary    CFD        Reducing Long            25,000       GBP 11.96
USD 0.01 ordinary    CFD        Reducing Long            25,000       GBP 11.96
USD 0.01 ordinary    CFD        Reducing Long            25,000       GBP 11.99
USD 0.01 ordinary    CFD	Reducing Long            25,000       GBP 11.98
USD 0.01 ordinary    CFD	Reducing Long            25,000       GBP 11.96
USD 0.01 ordinary    CFD	Reducing Long            50,000       GBP 11.97
USD 0.01 ordinary    CFD	Reducing Long            50,000       GBP 11.98
USD 0.01 ordinary    CFD	Reducing Long            50,000       GBP 11.98


(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. call    selling,      to which      unit      American,            paid/ 
             option     varying etc.    option                 European            received 
                                        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) attached?             Yes


Date of disclosure:                                             13 February 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.
 

                                         SUPPLEMENTAL FORM 8 (OPEN POSITIONS)

                  DETAILS OF OPEN OPTION AND DERIVATIVE POSITIONS, AGREEMENTS TO PURCHASE OR SELL ETC.
                                Note 5(i) on Rule 8 of the Takeover Code (the "Code")


1.      KEY INFORMATION

Identity of person whose open positions are being               Arrowgrass Capital Partners LLP
disclosed:
Name of offeror/offeree in relation to whose relevant           Xstrata Plc
securities the disclosure relates: 

2.      OPTIONS AND DERIVATIVES

Class of       Product        Written or     Number of      Exercise      Type       Expiry date
relevant     description      purchased      securities     price per      e.g.
security      e.g. call                      to which         unit      American,
               option                        option or                  European
                                             derivative                    etc.
                                              relates

USD 0.5 Ord   Put Option      Purchased       108,000         800p      American      March 2012

3.      AGREEMENTS TO PURCHASE OR SELL ETC.

Full details should be given so that the nature of the interest or position can be fully understood:
Position formed part of a basket of put protection trades for the overall European volatility portfolio for the
Arrowgrass Master Fund Ltd.





It is not necessary to provide details on a Supplemental Form (Open Positions) with regard to contracts for
differences ("CFDs") or spread bets.

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

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