24th Feb 2020 15:36
(Alliance News) - Chaarat Gold Holdings Ltd said Monday it has waived the requirement for a mandatory offer by major shareholder Labro Investments Ltd.
Labro holds a 35% stake in the gold miner and loan notes for USD1.0 million, convertible into 2.8 million shares.
There is a provision in London-based Chaarat's articles which states the board has the right to require any holder of more than 20% of shares to make a mandatory offer to acquire the remaining shares it does not own if they acquire additional shares.
Several times already, Chaarat has waived this requirement after Labro purchased additional shares in the company.
Shares in Chaarat were up 2.8% at 37.40 pence on Monday in London.
By Dayo Laniyan; [email protected]
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