Chaarat Gold Holdings Ltd Grant of Waiver (6214H)
August 05 2021 - 2:00AM
UK Regulatory
TIDMCGH
RNS Number : 6214H
Chaarat Gold Holdings Ltd
05 August 2021
5 August 2021
Chaarat Gold Holdings Limited
("Chaarat" or the "Company")
Grant of waiver
Chaarat (AIM:CGH), the AIM-quoted gold mining company with
an operating mine in Armenia, and assets at various stages
of development in the Kyrgyz Republic, announces that Chaarat's
board of directors (the "Board") has exercised its discretion
to waive the requirement for a mandatory offer for the Company
by Labro Investments Limited ("Labro") upon the acquisition
of up to 10,000,000 ordinary shares of US$0.01 each in the
Company ("Ordinary Shares") in the market, subject to such
purchases being completed by 5.30pm UK time on 31 December
2021 and subject to receipt of all approvals required under
the Company's share dealing code (the "Labro Share Purchase").
Background to the waiver
Shareholders will recall that Labro holds: -- 292,890,693 Ordinary Shares representing approximately
42.48 per cent of Chaarat's issued share capital; and
-- Loan Notes for US$1,000,000 (the "Loan Notes") convertible
into 2,849,330 Ordinary Shares assuming full conversion
of principal and interest to maturity.
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 requested the acquisition of additional Ordinary Shares.
The Board most recently exercised the same discretion for the
acquisition in the market of up to 10,000,000 Ordinary Shares
by Labro (as announced on 29 April 2021). Labro has acquired
8,362,726 Ordinary Shares pursuant to that waiver and there
remain available for purchase up to 1,637,274 Ordinary Shares
pursuant to that waiver which is due to expire on 30 September
2021.
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 304,527,967 Ordinary Shares representing 44.17%
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
307,377,297 Ordinary Shares representing 44.40% of the resulting
enlarged share capital.
Mr Martin Andersson, who is indirectly beneficially interested
in the majority of shares of Labro, is beneficially interested
in 6,969,592 Ordinary Shares and, pursuant to share options
granted by the Company to Mr Andersson, may become entitled
to a further 16,300,639 Ordinary Shares. If Mr Andersson were
to acquire all the shares to which he may become entitled,
on a combined basis, Labro and Mr Andersson would together
hold 330,647,528 Ordinary Shares representing 46.66% of the
resulting enlarged share capital.
- ends -
Enquiries
+44 (0)20 7499
Chaarat Gold Holdings Limited 2612
Patrick Henze (Investor Relations) info@chaarat.com
Canaccord Genuity Limited (NOMAD and + 44 (0)20 7523
Joint Broker) 8000
Henry Fitzgerald-O'Connor
James Asensio
+44 (0)20 7220
finnCap Limited (Joint Broker) 0500
Christopher Raggett
Panmure Gordon (UK) Limited (Joint +44 (0)20 7886
Broker) 2500
John Prior
Hugh Rich
About Chaarat
Chaarat is a gold mining company which owns the Kapan operating
mine in Armenia as well as Tulkubash and Kyzyltash Gold Projects
in the Kyrgyz Republic . The Company has a clear strategy
to build a leading emerging markets gold company with an
initial focus on the f ormer So viet Un ion through organic
growth and selective M&A.
Chaarat is engaged in active community engagement programmes
to optimise the value of the Chaarat investment proposition.
Chaarat aims to create value for its shareholders, employees
and communities from its high-quality gold and mineral deposits
by building relationships based on trust and operating to
the best environmental, social and employment standards.
Further information is available at www.chaarat.com .
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
RNS may use your IP address to confirm compliance with the terms
and conditions, to analyse how you engage with the information
contained in this communication, and to share such analysis on an
anonymised basis with others as part of our commercial services.
For further information about how RNS and the London Stock Exchange
use the personal data you provide us, please see our Privacy
Policy.
END
MSCDZLFBFVLBBBD
(END) Dow Jones Newswires
August 05, 2021 02:00 ET (06:00 GMT)
Chaarat Gold (LSE:CGH)
Historical Stock Chart
From May 2024 to Jun 2024
Chaarat Gold (LSE:CGH)
Historical Stock Chart
From Jun 2023 to Jun 2024