Arrowgrass Capital Partners LLP
LSE : TTM

February 14, 2012 08:19 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          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             Xstrata 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:                   13 February 2012
(f) Has the discloser previously disclosed, or are           Yes, Glencore International Plc
    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:                                     USD 0.01 ordinary

                                                          Interests          Short positions
                                                       Number         %       Number      %
(1) Relevant securities owned and/or controlled:                                          
(2) Derivatives (other than options):                2,147,691      0.07                  
(3) Options and agreements to purchase/sell:                                 108,000    0.00
    TOTAL:                                           2,147,691      0.07     108,000    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         100,000         GBP 12.23
USD 0.01 ordinary     CFD              Increasing Long         100,000         GBP 12.18
USD 0.01 ordinary     CFD              Increasing Long         10,688          GBP 12.13
USD 0.01 ordinary     CFD              Closing Short           15,254          GBP 12.13

(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 which    per unit   European                paid/
              call      varying etc.     option                  etc.                received
             option                     relates                                      per unit



(ii)     Exercising

Class of relevant       Product description          Number of         Exercise price 
    security             e.g. call option            securities           per 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 Positions) attached?             Yes

Date of disclosure:                                             14 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             Xstrata Plc
relevant securities the disclosure relates:

2.      OPTIONS AND DERIVATIVES

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