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Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
---|---|---|---|---|---|
Chaarat Gold | AQSE:CGH.GB | Aquis Stock Exchange | Ordinary Share | VGG203461055 | Ordinary Shares Usd 0.01 Di |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 0.20 | 0.10 | 0.30 | 0.20 | 0.1536 | 0.20 | 25,083 | 16:29:51 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
0 | 0 | N/A | 0 |
TIDMCGH
RNS Number : 6853Y
Chaarat Gold Holdings Ltd
08 September 2022
8 September 2022
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 the independent directors of Chaarat (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 7,500,000 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 7 December 2022 and subject to receipt of all approvals required under the Company's share dealing code (the "Waiver"). Background to the Waiver There is a provision in the Company's Articles of Association (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 9,000,000 Ordinary Shares by Labro (as announced on 17 January 2022). Labro acquired 2,446,088 Ordinary Shares pursuant to that waiver which expired on 15 April 2022. Shareholding impacts of the Waiver Labro currently holds: -- 306,962,131 Ordinary Shares representing approximately 44.51 per cent of Chaarat's issued share capital; and -- a loan note for US$1,000,000 (the "Loan Note") convertible into 3,579,089 Ordinary Shares assuming full conversion of principal and interest to maturity on 31 October 2022. Chaarat's Executive Chairman, Mr Martin Andersson, who is indirectly beneficially interested in the majority of shares of Labro, is beneficially interested in 6,969,592 Ordinary Shares representing 1.01% of Chaarat's issued share capital. Mr Andersson also holds options to acquire 16,300,639 Ordinary Shares under the Company's 2019 management incentive plan. If the maximum number of Ordinary Shares permitted to be purchased are acquired by way of the acquisition of existing Ordinary Shares in accordance with the Waiver, Labro's, Mr Andersson's and their combined shareholdings in the Company would be as follows: Undiluted* Diluted for Loan Fully diluted* Notes* Labro 314,462,131 45.60% 318,041,220 45.88% 318,041,220 44.82% Mr Andersson 6,969,592 1.01% 6,969,592 1.01% 23,270,231 3.28% -------------- ------- ------------ ------- ------------ --------- Combined 321,431,723 46.61% 325,010,812 46.88% 341,311,451 48.10% -------------- ------- ------------ ------- ------------ --------- * Undiluted assumes 7.5m shares purchased subject to this waiver and no other issue of new Ordinary Shares, including on exercise of existing options or on conversion of any existing convertible loan notes. * Diluted for assumes 7.5m shares purchased subject to this Loan Notes waiver and full conversion by Labro of the Loan Note principal and interest to maturity, no options to subscribe for Ordinary Shares exercised, no other convertible loan notes converted, and no other Ordinary Shares issued. * Fully diluted assumes 7.5m shares purchased subject to this waiver and full conversion by Labro of the Loan Note principal and interest to maturity, no other convertible loan notes converted, the exercise in full by Mr Andersson of his existing share options, no other options to subscribe for Ordinary Shares exercised, and no other Ordinary Shares issued.
- ends -
Enquiries +44 (0)20 7499 Chaarat Gold Holdings Limited 2612 Mike Fraser (Chief Executive Officer) 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 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 .
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(END) Dow Jones Newswires
September 08, 2022 02:01 ET (06:01 GMT)
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