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EX-99.01 - EXHIBIT 99.01 - FOSTER WHEELER AGv390498_ex99-01.htm

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION

  WASHINGTON, D.C. 20549

 

____________________________

 

FORM 8-K

 

CURRENT REPORT UNDER SECTION 13 OR 15(D) OF THE

SECURITIES EXCHANGE ACT OF 1934

Date of Report (Date of Earliest Event Reported): October 2, 2014

 

 

FOSTER WHEELER AG

(Exact Name of Registrant as Specified in Charter)

 

 

 

         
Switzerland   001-31305   98-0607469

(State or Other Jurisdiction

of Incorporation)

(Commission

File Number)

 

(I.R.S. Employer

Identification No.)

 

Shinfield Park, Reading, Berkshire RG2 9FW, United Kingdom

(Address of Principal Executive Offices)

+44 118 913 1234

(Registrant’s telephone number, including area code)

Not Applicable

(Former name or former address, if changed since last report.)

 

 

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

 

x Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
¨  Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
¨ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
¨ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

 

 
 

 

Item 5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.

 

(b)           On October 2, 2014, J. Kent Masters notified the Board of Directors of Foster Wheeler AG (“Foster Wheeler” or the “Company”) that, in accordance with the terms of a Coordination Agreement entered into between he and AMEC plc (“AMEC”) on October 2, 2014, he will resign as Chief Executive Officer of the Company, subject to and effective as of the closing of the exchange offer (the “Offer”) by AMEC to acquire of all of the issued and to be issued registered shares, par value CHF 3.00 per share, of Foster Wheeler on the terms and subject to the conditions of that certain Implementation Agreement dated February 13, 2014 (as amended from time to time) between Foster Wheeler and AMEC. He is expected to continue to serve as a director of the Company from and after the closing of the Offer until such date as AMEC shall specify, and it is expected that immediately following the date on which his employment with Foster Wheeler terminates he will be appointed as a non-executive director of AMEC, provided he is no longer a director of the Company on such date. For more information on the Coordination Agreement, readers are directed to the Recommendation Statement on Schedule 14D-9 filed with the Securities and Exchange Commission (“SEC”) on October 7, 2014, in connection with the Offer, and to the Coordination Agreement, which is filed as Exhibit (e)(63) thereto.

  

Item 8.01Other Events.

 

On October 7, 2014, Foster Wheeler issued an internal announcement to individuals (collectively, “Certain Individuals”) who (i) hold outstanding equity awards issued pursuant to the Foster Wheeler AG Omnibus Incentive Plan and/or (ii) are subject to certain restrictions in the Foster Wheeler AG Insider Trading Compliance Policy and/or the Foster Wheeler AG Share Ownership Guidelines to provide an update regarding, among other things, how such equity awards will be treated if and when the Offer closes. A copy of the internal announcement is attached as Exhibit 99.01 to this Current Report on Form 8-K and is incorporated herein by reference. The internal announcement contains statements intended as “forward-looking statements” that are subject to the cautionary statements about forward-looking statements set forth below in this Form 8-K.

  

Important information

 

In connection with the pending Offer by AMEC to acquire all of Foster Wheeler’s issued and to be issued registered shares which commenced today, AMEC filed a registration statement on Form F-4 and a Tender Offer statement on Schedule TO and the Company filed a Recommendation Statement on Schedule 14D-9 with respect to the Offer. These documents contain important information about the Offer that should be read carefully before any decision is made with respect to the Offer. These materials will be made available to the shareholders of the Company at no expense to them. Investors and security holders may obtain the documents free of charge at the SEC’s web site, www.sec.gov. Any materials filed by the Company with the SEC may also be obtained without charge at the Company's website, www.fwc.com.

 

This announcement is for informational purposes only and does not constitute or form part of an offer to sell or the solicitation of an offer to buy or subscribe to any securities, nor shall there be any sale of securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction. This announcement is not an offer of securities for sale into the United States. No offering of securities shall be made in the United States except pursuant to registration under the Securities Act of 1933, as amended, or an exemption therefrom.

 

 
 

  

Forward-Looking Statements

 

Certain comments contained herein are forward-looking statements that are based on management’s assumptions, expectations and projections about the Company and the various industries within which the Company operates. These include statements regarding the Company’s expectations about revenues (including as expressed by its backlog), its liquidity, the outcome of litigation and legal proceedings and recoveries from customers for claims and the costs of current and future asbestos claims and the amount and timing of related insurance recoveries. Such forward-looking statements by their nature involve a degree of risk and uncertainty. The Company cautions that a variety of factors, including but not limited to the factors described in the Form 10-K for the year ended December 31, 2013, filed with the SEC on February 27, 2014, and the following, could cause the Company’s business conditions and results to differ materially from what is contained in forward-looking statements: the timing and success of the pending offer and acquisition of the Company by AMEC plc, the risk that the Company’s business will be adversely impacted during the pending offer and acquisition of the Company by AMEC plc, benefits, effects or results of the Company’s redomestication to Switzerland, deterioration in global economic conditions, changes in investment by the oil and gas, oil refining, chemical/petrochemical and power generation industries, changes in the financial condition of its customers, changes in regulatory environments, changes in project design or schedules, contract cancellations, the changes in estimates made by the Company of costs to complete projects, changes in trade, monetary and fiscal policies worldwide, compliance with laws and regulations relating to the Company’s global operations, currency fluctuations, war, terrorist attacks and/or natural disasters affecting facilities either owned by the Company or where equipment or services are or may be provided by the Company, interruptions to shipping lanes or other methods of transit, outcomes of pending and future litigation, including litigation regarding the Company’s liability for damages and insurance coverage for asbestos exposure, protection and validity of the Company’s patents and other intellectual property rights, increasing global competition, compliance with its debt covenants, recoverability of claims against the Company’s customers and others by the Company and claims by third parties against the Company, and changes in estimates used in its critical accounting policies. Other factors and assumptions not identified above were also involved in the formation of these forward-looking statements and the failure of such other assumptions to be realized, as well as other factors, may also cause actual results to differ materially from those projected. Most of these factors are difficult to predict accurately and are generally beyond the Company’s control. You should consider the areas of risk described above in connection with any forward-looking statements that may be made by the Company. The Company undertakes no obligation to publicly update any forward-looking statements, whether as a result of new information, future events or otherwise. You are advised, however, to consult any additional disclosures the Company makes in proxy statements, quarterly reports on Form 10-Q, annual reports on Form 10-K and current reports on Form 8-K filed with or furnished to the SEC.

 

Item 9.01  Financial Statements and Exhibits.

 

(d) Exhibits.

 

Exhibit

No.

 

Description of Exhibit

99.01  

Internal Announcement, dated October 7, 2014, to Certain Individuals 

     

 

 
 

 

SIGNATURES

 

Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, the Company has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

 

  FOSTER WHEELER AG
   
  By:  /s/ Michelle K. Davies
    Michelle K. Davies
Corporate Secretary

 

DATE: October 7, 2014