Chagala Group Limited Statement re: Intention to Cancel Listing (4358X)
April 30 2019 - 2:00AM
UK Regulatory
TIDMCGLO
RNS Number : 4358X
Chagala Group Limited
30 April 2019
Chagala Group Limited
30 April 2019
For Immediate Release
NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, IN WHOLE OR IN
PART, IN, INTO OR FROM ANY JURISDICTION WHERE TO DO SO WOULD
CONSTITUTE A VIOLATION OF THE RELEVANT LAWS OF THAT
JURISDICTION
THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION
Statement re: Intention to Cancel Listing
Chagala Group Limited (LSE: CGLO) (the "Company" or "Chagala")
hereby announces that the Company has resolved, by resolution of
its Board of Directors (the "Board") passed on 18 April 2019, to
request the voluntary cancellation of both the listing of its
ordinary shares (the "Shares") from the Official List of the UK
Listing Authority (the "UKLA") and the admission to trading of the
Shares on the Main Market of the London Stock Exchange plc (the
"LSE") (together, the "Delisting").
Reasons for Delisting
The Board has conducted a review of the advantages and
disadvantages to the Company in retaining its listing. The Board
believes that the Delisting is in the best interests of the Company
and its shareholders as a whole. In reaching this conclusion, the
Board has considered the fact that the management time and legal
and regulatory burden associated with maintaining the listing is,
in the Board's opinion, disproportionate to the benefits of the
listing to the Company and that there is, and has been for some
time, a lack of liquidity in the Shares.
Effect of the Delisting
The principal effect of the Delisting is that shareholders in
the Company will no longer be able to buy and sell Shares on the
Main Market of the LSE or any other public stock market. In
addition, following the Delisting, the Company will no longer be
required to comply with the continuing obligations set out in the
UK Listing Rules, the UK Disclosure Guidance and Transparency Rules
or the EU Market Abuse Regulation. In addition, the Company will no
longer be subject to the provisions of the UK Disclosure Guidance
and Transparency Rules relating to the disclosure of changes in
significant shareholders in the Company.
Following the Delisting, the Shares will no longer be traded on
the LSE or any other stock exchange or public market.
Expected Delisting Timetable
It is expected that the listing will be cancelled with effect
from 8 a.m. GMT on Monday, 3 June 2019, being not less than 20
business days from the date of this announcement.
Termination of Depositary Interest Facility
Computershare Investor Services PLC has today given notice to
shareholders of termination of the facility for Shares held in the
form of depositary interests ("Depositary Interests"). The
termination date will be 3 June 2019. During the period from the
giving of such notice until the termination date, each shareholder
will be entitled to cancel each Depositary Interest held by it and
withdraw the Shares related thereto. All Depositary Interests
remaining as of the termination date will be cancelled, and holders
of Depositary Interests will be entered as shareholders, in the
same name as they were recorded on the Depositary Interest records,
on Chagala's share register. Shareholders wishing to obtain more
information about this process should contact Computershare
Investor Services PLC at +44 370 702 0000.
Taxation
All shareholders are advised to consult their professional
advisers about their own tax positions, as the Delisting may have
taxation consequences for holders of Shares (including in the form
of Depositary Interests).
For more information please contact:
Mr. Borko Moric
Chief Executive Officer
Chagala Group Limited
+7 701 084 2874
Chagala Group
Chagala invests in service companies focused on providing long
and short-term accommodation solutions to domestic and
international oil and gas companies developing Kazakhstan's largest
hydrocarbon discoveries. With investments in hotels, guest houses,
serviced apartments, remote site facilities, restaurants and
offices, Chagala is well positioned to capitalize on the oil and
gas contribution being made in Kazakhstan.
Important Notice
The release, publication and distribution of this announcement
in jurisdictions other than the United Kingdom may be restricted by
the laws of those jurisdictions and therefore persons who are not
resident in the United Kingdom into whose possession this
announcement comes should inform themselves about and observe any
such restrictions. Failure to comply with any such restrictions may
constitute a violation of the securities laws of any such
jurisdiction. To the fullest extent permitted by applicable law,
the Company disclaims any responsibility or liability for the
violation of such restrictions by any person. Copies of this
announcement must not be, directly or indirectly, mailed or
otherwise forwarded, distributed or sent in or into or from any
jurisdiction where it would be unlawful to do so.
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.
END
STRPGUAACUPBGPB
(END) Dow Jones Newswires
April 30, 2019 02:00 ET (06:00 GMT)
Chagala (LSE:CGLO)
Historical Stock Chart
From Jul 2024 to Aug 2024
Chagala (LSE:CGLO)
Historical Stock Chart
From Aug 2023 to Aug 2024