21st Mar 2019 11:53
LONDON (Alliance News) - Chaarat Gold Holdings Ltd said Thursday Labro Investments Ltd, Martin Wiwen-Nilsson, and Willem De Geer are no longer considered to be acting in concert.
The gold miner, with assets in the Kyrgyz Republic and Armenia, had previously stated the three parties were acting in concert. As a result, Labro may now buy an additional 5.0 million shares in Chaarat by June 21.
Labro holds a 34% interest in Chaarat, representing about 133.5 million shares, with 21.4 million warrants and 1.0 million convertible loan notes.
Chaarat said it is waiving the requirement for a shareholder to make a mandatory offer for the company's entire share issue if it holds more than 20% of the shares in issue and makes an additional purchase of shares.
Chaarat has exercised the same discretion for Labro, Wiwen-Nilsson and De Geer previously by designating the three as acting in concert.
If Labro were to exercise all of its warrants and loan notes, and assuming no other shares were issued by Chaarat, Labro would hold a 39% interest in Chaarat.
Separately, Chaarat announced the company has appointed Warren Gilman as non-executive director, with Martin Wiwen-Nilsson stepping down from the role.
Wiwen-Nilsson will continue to be an adviser to Chaarat.
Shares in Chaarat Gold were down 0.8% Thursday at 25.00 pence each.
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