07:15 Wed 16 Sep 2020
Chaarat Gold Hlgs Ld - Grant of Waiver
("Chaarat" or the "Company")
Grant of waiver
Chaarat (AIM:CGH), the AIM-quoted gold mining company with assets in the
Background to the waiver
Shareholders will recall that Labro holds:
There is a provision in the Company's Articles of Association (the "Articles") (Article 19) which states that the Board has the right to require any holder of more than 20% of the Ordinary Shares to make a mandatory offer to all the Company's shareholders to acquire their Ordinary Shares if they acquire an additional interest in any Ordinary Shares. The Board has previously exercised its discretion to waive the requirement for a mandatory offer when Labro (which holds more than 20% of the Ordinary Shares) has acquired additional Ordinary Shares.
The Board most recently exercised the same discretion for the acquisition of up to 3,000,000 Ordinary Shares by Labro in the market (as announced on
Shareholding impacts of the Waiver and Labro Share Purchase
If the maximum number of Ordinary Shares permitted to be purchased pursuant to the Labro Share Purchase are acquired within such a period by way of the acquisition of existing Ordinary Shares in accordance with the Waiver (and assuming no issue of new Ordinary Shares during such period by the Company, including on exercise of existing options issued by the Company or on conversion of any convertible loan notes issued by the Company), Labro would hold 206,151,215 Ordinary Shares representing 39.30% of the issued share capital as at today's date. If all Loan Notes were subsequently converted (assuming full conversion of principal and interest to maturity) and no options to subscribe for Ordinary Shares issued by the Company were exercised, no other convertible loan notes issued by the Company were converted and no other Ordinary Shares were issued), Labro would hold 209,000,545 Ordinary Shares representing 39.63% of the resulting enlarged share capital.
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Enquiries |
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+44 (0)20 7499 2612 |
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+44 (0)20 7523 8000 |
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finnCap Limited (Joint Broker) |
+44 (0)20 7220 0500 |
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+44 (0)20 3470 0470 |
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