1 Jul 2016 14:00
Chagala Group Limited
1 July 2016
Update Regarding Direction Notice Issued to Concert Parties
Chagala Group Limited (the "Company"), the London-listed specialist services and facilities provider to the oil and gas industry in Kazakhstan (symbol: CGLO), provides the following update further to its announcement dated 14 June 2016.
Following the Board's delivery of a direction notice on 10 June 2016 in accordance with the Company's Articles of Association (the "Articles") to TIPP Investments PCC ("TIPP"), Eagle Resource Holdings Limited, Typhoon Developments Ltd, East Capital and Nautilus Fiduciary (Asia) Limited (all such shareholders together, the "Concert Parties"), TIPP has failed to announce any intention to make an offer to holders of all of the issued shares in the Company as required by the Articles. Similarly, under the Articles, TIPP was required to post an offer document formally making such offer within 28 days of 31 May 2016, being the date on which it acquired the relevant shares in the Company (i.e., by 28 June 2016). Accordingly, the suspension of the voting and other rights attached to the shares of the Concert Parties, collectively representing approximately 40% of the Company's share capital, remains in effect.
On 22 June 2016 the Board delivered a letter (the "Regulation 13 Requirements Letter") to the Concert Parties setting out, among other things, details regarding the role of the Board and the obligations of shareholders in the Company under Regulation 13 of the Articles. By such letter, the Board also requested that each Concert Party member provide any and all information which may be relevant to a determination as to whether or not it or any other Concert Party member should be deemed to be acting in concert with any other Concert Party member, including certain specified categories of information.
The Board has had various other correspondence and other communications with the Concert Parties since the delivery of the direction notice and such communications are continuing. The Company intends to make a further announcement after the Company receives the information requested in the Regulation 13 Requirements Letter from the Concert Parties.
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.