Chagala Group Limited Lapse and Termination of Capital Raise Transaction (1726L)
September 29 2016 - 2:00AM
UK Regulatory
TIDMCGLO
RNS Number : 1726L
Chagala Group Limited
29 September 2016
Chagala Group Limited
29 September 2016
This announcement is not an offer of securities for sale, or an
offer to buy or subscribe for, directly or indirectly, securities
to any person in the United States or any other jurisdiction,
including in or into Canada, Japan, South Africa, Switzerland and
Australia or any other jurisdiction in which such offer or
solicitation is unlawful. This announcement is an advertisement and
not a prospectus (or prospectus equivalent document). Neither this
announcement nor any part of it shall form the basis of or be
relied on in connection with or act as an inducement to enter into
any contract or commitment whatsoever.
Lapse and Termination of Capital Raise Transaction
Chagala Group Limited (the "Company" or "Chagala") announces
that its Placing and Open Offer of New Ordinary Shares and
potential placing of Additional Placing Shares (the "Capital
Raise") has lapsed as of 8.00 a.m. on 29 September 2016 and
accordingly the transaction has been terminated.
Following the order (the "Order") issued on 22 September 2016 by
the Eastern Caribbean Supreme Court in the Commercial Division of
the High Court of Justice of the British Virgin Islands (the
"Court") requiring the suspension of the Placing and Open Offer,
the Company urgently sought to have a hearing on an appeal of the
Order (the "Appeal") as soon as possible. As of the date and time
of this announcement, a hearing on the Appeal has not yet taken
place.
Under the terms and conditions of the Open Offer, in the event
that Admission does not take place by 8.00 a.m. on 29 September
2016 or such later time and date as the Company determines (being
no later than 8.00 a.m. on 9 October 2016), the Capital Raise will
lapse. The Company has determined that it is not possible for such
date and time to be extended in light of the existence of the
Order, without further clarification from the Court. As Admission
has not occurred by 8.00 a.m. on 29 September 2016, the Capital
Raise has lapsed.
As set out in the terms of the Open Offer, as a result of the
lapse of the Capital Raise, application monies that have been
received by the Receiving Agent in respect of the Open Offer will
be returned to applicants as soon as practicable.
The Company intends to make a further announcement in due course
with an update on its current financial position and a discussion
of the implications for its financial position of the termination
of the Capital Raise transaction.
For more information:
Francisco Parrilla, Chief Executive
Chagala Group Limited + 7 (727) 298 0131
Chagala Group
Chagala is a service company focused on providing long and short
term accommodation solutions to domestic and international oil and
gas companies developing Kazakhstan's largest hydrocarbon
discoveries. With the ownership of hotels, guest houses, serviced
apartments, remote site facilities, restaurants and offices in its
portfolio, Chagala is well positioned to capitalize on the oil and
gas investment being made in Kazakhstan.
Important Notices
The distribution or publication of this announcement, any
related documents, and the offer, sale and/or issue of the New
Ordinary Shares (and Additional Placing Shares, if any) in certain
jurisdictions may be restricted by law. Persons into whose
possession any document or other information referred to herein
comes are required to inform themselves about and to observe any
such restrictions. Any failure to comply with these restrictions
may constitute a violation of the securities laws of such
jurisdiction.
This announcement does not constitute or form part of an offer
to sell, or the solicitation of an offer to buy or subscribe for,
New Ordinary Shares to any person in the United States, Australia,
Canada, Japan, Switzerland or South Africa or in any jurisdiction
to whom or in which such offer or solicitation is unlawful and, in
particular, is not for release, publication or distribution in or
into the United States, Australia, Canada, Japan, Switzerland or
South Africa.
This announcement is not an offer of securities for sale in the
United States, and is not for publication or distribution, directly
or indirectly, in or into the United States of America. The
securities referred to herein have not been and will not be
registered under the U.S. Securities Act of 1933, as amended (the
"Securities Act") and may not be offered or sold in the United
States, except pursuant to an applicable exemption from
registration under the Securities Act. No public offering of
securities is being made in the United States.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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