17th Feb 2017 17:10
LONDON (Alliance News) - Chaarat Gold Holdings PLC on Friday said Labro Investments Ltd, a company to which Chairman Martin Andersson is connected, acquired 196,943 shares in the company on Thursday.
The shares were acquired at an average price of 19.3283 pence each.
Earlier the company said Labro bought 525,000 shares on Wednesday, acquired at an average price of 15.57143 pence each.
Following the purchases Labro holds 119 million shares, or a 34% stake in the Kyrgyz Republic-focused miner.
Chaarat previously had waived the requirement for Labro to make a mandatory offer for the company as a result of having a more than 20% stake. As part of a shares placing last September, it was agreed that Labro could acquire further shares without triggering such a requirement.
Chaarat said that, as a result of this, Labro can acquire a further 5.8 million shares before the end of March without triggering the requirement to make a mandatory offer.
The stock closed up 2.4% at 21.00p Friday.
By Arvind Bhunjun; [email protected]; @ArvindBhunjun
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