Business
Potential RTO and suspension of listing
Potential RTO and suspension of listing.
About this update from Cindrigo Holdings Limited
[{"type":"text","content":"\n \n \n RNS Number : 5105W\n Challenger Acquisitions Limited\n 19 August 2020\n \n \n \n NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, DIRECTLY OR INDIRECTLY, WITHIN, INTO OR IN THE UNITED STATES, AUSTRALIA, CANADA OR JAPAN.\n \n For immediate release 19 August 2020\n \n Challenger Acquisitions Limited\n (\"Challenger\" or the \"Company\")\n \n Potential reverse takeover and suspension of listing\n \n \n Challenger Acquisitions Limited (LSE: CHAL)\n \n \n \n is pleased to announce that it has entered into a Letter of Intent (\"LOI\") with Cindrigo Limited (\"Cindrigo\") and Cindrigo Energy Limited, which are part of a group of companies pursuing renewable energy projects built on broad Swedish expertise and experience in the waste to energy and biomass energy sector (see www.cindrigo.com). \n \n \n \n \n \n The LOI contemplates Challenger making an offer (\"Offer\") to acquire all of the shares of Cindrigo, subject to completion of a reorganization between Cindrigo and its holding company, Cindrigo Energy Limited, which requires court approval in Canada. The making of the Offer would trigger the assumption by Cindrigo of the costs of implementing the transaction and obtaining readmission of the Company's shares to the Official List and the Main Market of the LSE along with certain of the overheads and creditors of Challenger, subject to a cap of £560,000. To support this obligation, Cindrigo is obliged to make an initial payment of £450,000 into the client account of the lawyers for Challenger. \n \n \n \n \n \n On the making of the Offer, Cindrigo will be entitled to appoint two directors to the board of Challenger at which point two of the existing directors will step down. It has been agreed that the two remaining directors of Challenger will step down if requested at any time to do so by Cindrigo.\n \n \n \n \n \n The consideration payable under the Offer will be the issue to Cindrigo shareholders of shares and/or convertible loan notes of Challenger such that, following completion, and conversion of the convertible notes issued as part of the consideration, the existing shareholders of Challenger together with the Company's existing holders of convertible notes will between them hold 3% of the share capital.\n \n \n \n \n \n The curr...