Challenger Acquisitions Limited Corporate Update (2715Y)
07 Septiembre 2020 - 11:11AM
UK Regulatory
TIDMCHAL
RNS Number : 2715Y
Challenger Acquisitions Limited
07 September 2020
NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, DIRECTLY OR
INDIRECTLY, WITHIN, INTO OR IN THE UNITED STATES, AUSTRALIA,
CANADA, OR JAPAN.
For immediate release 7 September 2020
Challenger Acquisitions Limited
('Challenger' or the 'Company')
Corporate Update
Challenger Acquisitions Limited (LSE: CHAL) is pleased to
announce that, further to its announcements dated 19 August 2020
and 1 September 2020, the following steps have been executed:
Funding -
As previously announced, Challenger has issued an Offer Letter
("Offer") to certain of the shareholders of Cindrigo Energy Limited
("Cindrigo") to acquire the shares they are expected to hold in
Cindrigo Limited, Cindrigo Limited has transferred GBP450,000 (the
"Funds") to the client account of Challenger's solicitors, McCarthy
Denning, in order to fund the costs of the Offer, and the reverse
takeover process as well as the public company costs of
Challenger.
Board Changes -
Challenger has appointed two of the directors of Cindrigo, Mr.
Mustaq Patel and Mr. Lars Guldstrand, as directors of Challenger
and two of the existing Challenger directors, Mr. George Lucan and
Mr. Rupert Baring have resigned. The Funds having now been
received, the appointments and resignations took effect on 7
September 2020. Mr. Lars Guldstrand will be appointed Chairman at
the next board meeting.
Partial Note Conversion -
Challenger has allotted 100,000,000 new ordinary shares of
GBP0.01 each to holders of the Unsecured Convertible Note issued 8
June 2017, ("Notes") for the conversion of GBP100,000 of the
principal value of the Notes. The shares issued on this partial
conversion will be set-off against the total number of shares that
are to be issued as part of the settlement of the Notes and the
overall number of shares proposed to be issued to settle the Notes
is as previously announced.
Following this allotment, the total number of ordinary shares
with a nominal value of GBP0.01 each (the "Ordinary Shares") in
issue and the total number of voting rights in the Company is
415,537,248. There are no shares held in treasury. The figure of
415,537,248 ordinary shares and voting rights may be used by
shareholders in the Company as the denominator for the calculations
by which they can determine if they are required to notify their
interest in, or a change to their interest in, the share capital of
the Company under the FCA's Disclosure and Transparency Rules.
On completion of the Offer, the Company's listing on the
standard segment of the Official List and trading on the Main
Market of the London Stock Exchange ("Listing") will be cancelled
pursuant to the Listing Rules applicable on a reverse takeover.
Challenger intends to commence work on the preparation of a
prospectus to re-admit the enlarged share capital to Listing. The
Offer is not conditional on readmission and there is no certainty
that Challenger's prospectus will be approved by the FCA or that
any application for re-admission will be successful. Challenger is
proposing to include the resolutions required to complete the Offer
and Offer-related matters, details of which were announced
previously, at its 2020 annual general meeting of shareholders
("AGM"), for which notice will be issued in the near future.
The Board of the Company will issue an update relating to the
Offer as it progresses and when the notice of the AGM is
posted.
Mark Gustafson, Challenger's Chief Executive Officer, said,
"Both the funding for Challenger and the board changes represent
another substantial step forward for our Company. We now welcome
Lars Guldstrand and Mustaq Patel to the board of directors and look
forward to working with them both to move the reverse takeover
process forward."
**ENDS**
For more information visit www.challengeracquisitions.com or
enquire to:
Challenger Acquisitions Limited
Mark Gustafson +1 604 454 8677
St Brides Partners Ltd (PR)
Cosima Akerman +44 (0) 20 7236 1177
Cindrigo Limited
Mustaq Patel +44 (0) 7961 376 640
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END
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September 07, 2020 12:11 ET (16:11 GMT)
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