Clearance for Kapan received RNS31 Dec 2018 07:42
Kapan Acquisition - update on transaction progress
Further to earlier announcements on 30 October 2018 and 14 December 2018, Chaarat is pleased to confirm that it has now received antimonopoly clearance for the Kapan Acquisition from the State Commission for the Protection of Economic Competition of the Republic of Armenia.
The transaction is progressing as planned, with funding for the acquisition on track for closing. However, due to the upcoming public holidays in Armenia and Russia, a potential extension of the anticipated Kapan Acquisition closing date from 15 January 2019 to 31 January 2019 is currently under discussion with Kapan's vendor, PTML Holding Ltd ("Polymetal"), a subsidiary of Polymetal International Plc, and Chaarat's funding banks.
The transaction is expected to remain in all material respects as described in the Company's Re-Admission Document and accompanying announcement of 14 December 2018.
Chaarat continues to work with Polymetal on key transitional details and is making significant progress in filling senior operational roles at the Kapan mine, identifying operational improvements and developing a detailed first 100-day plan.
As previously announced, the Company will hold a General Meeting of Shareholders to vote on the resolution to acquire Kapan. This will take place at 11:00am today, 31 December 2018 at the offices of Watson Farley & Williams LLP, 15 Appold Street, London, EC2A 2HB. The Company will provide a further update after this meeting and thereafter as and when required.