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13 January 2010
UNITED TECHNOLOGIES CORPORATION
ANNOUNCEMENT OF RESULTS OF PARTIAL CASH OFFER FOR UP TO 21,804,559 SHARES IN CLIPPER WINDPOWER PLC
On 10 December 2009, United Technologies Corporation ("UTC") made a partial cash offer to existing shareholders in Clipper Windpower Plc (“Clipper”) to purchase up to 21,804,559 Shares (the “Target Number”) in Clipper for £1.80 per Share (the “Partial Cash Offer”). The Partial Cash Offer was made in addition to UTC’s subscription for 84,337,124 new Shares in Clipper (the “Subscription”).
UTC and Clipper are pleased to announce that the Partial Cash Offer has been oversubscribed and that, as at 5.00am on 12 January 2010 (the time at which the Partial Cash Offer closed), UTC had received valid tenders under the terms of the Partial Cash Offer in respect of a total of 47,080,867 Shares.
Accordingly, the number of Shares which are acquired from each shareholder who has validly tendered Shares in the Partial Cash Offer will be scaled back pro rata with reference to the total number of Shares tendered, so as to ensure that the total number of Shares purchased by UTC pursuant to the terms of the Partial Cash Offer is the Target Number. As a result of rounding any fractions, UTC will acquire 21,804,550 Shares under the Partial Cash Offer.
In accordance with the terms of the Partial Cash Offer, consideration will be despatched to shareholders who have validly tendered Shares on or around 15 January 2010. Balance Share certificates in respect of retained shareholdings or unsuccessful partial tenders of Shares will be despatched to shareholders on or around 26 January 2010.
The Shares acquired by UTC pursuant the Partial Cash Offer and the Subscription will represent approximately 49.5% of the issued share capital of Clipper.
In this announcement, “Shares” means ordinary shares of 10 pence each in Clipper Windpower Plc.
Enquiries:
United Technologies Corporation
John Moran (UTC Communications) Tel: +1 (860) 728 7062
Clipper Windpower Plc
Jenny Matthews (Investor Relations Director) Tel: +44 (0)20 7820 1078
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