Chagala Group Limited Statement re: Intention to Cancel Listing (4358X)

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 [phone].

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

[phone]

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 [e-mail] or visit www.rns.com.

END

STRPGUAACUPBGPB

(END) Dow Jones Newswires

April 30, 2019 02:00 ET (06:00 GMT)