Business
Update on Acquisition of Cindrigo Energy Limited
Update on Acquisition of Cindrigo Energy Limited.
About this update from Cindrigo Holdings Limited
[{"type":"text","content":"\n \n \n \n RNS Number : 4667H\n Challenger Acquisitions Limited\n 03 August 2021\n \n \n \n \n NOT FOR RELEASE, PUBLICATON OR DISTRIBUTION, DIRECTLY OR INDIRECTLY, WITHIN, INTO OR IN THE UNITED STATES, AUSTRALIA, CANADA OR JAPAN.\n \n \n \n \n \n 3 August 2021\n \n \n \n \n \n Challenger Acquisitions Limited\n \n \n ('Challenger' or the 'Company')\n \n \n \n \n \n Acquisition of Cindrigo Energy Limited (\"CEL\")\n \n \n Cancellation of Listing\n \n \n \n \n \n \n \n \n Further to the announcement dated 2 August 2021 (the \"Completion Announcement\") that the acquisition of Cindrigo Energy Limited ('CEL') (the \"Acquisition\") had completed on 30 July 2021, Challenger Acquisitions Limited (LSE: CHAL) is pleased to further announce and confirm the details of the terms of the Acquisition, the allocation and settlement of the consideration, the pre-acquisition open offer conducted by CEL to provide additional working capital for its operating subsidiary Cindrigo Limited, the completion of the settlement of certain loan notes and its future plans for the integration and development of the Cindrigo Group.\n \n \n The Acquisition\n \n \n Following confirmation by the Takeover Panel that the Acquisition structure effected by the Plan of Arrangement as approved by shareholders of CEL (the \"Cindrigo Shareholders\") and the Supreme Court of British Columbia, as announced on 15 July 2021, did not cause any obligation on any party to make an offer for the Company pursuant to Rule 9 of the Takeover Code, which was the last condition to completion of the Plan of Arrangement, completion took place at 3pm Pacific time (11pm London time) on Friday 30 July 2021. \n \n \n \n \n \n The Company acquired the entire issued share capital of CEL, being 167,511,596 common shares of no par value, in consideration of the issue by the Company of 146,572,394 new ordinary shares, being 875 Challenger shares per 1,000 CEL shares, at an issue price of £0.10 per share, which was satisfied as to 140,370,295 in ordinary shares issued immediately (the \"Consideration Shares\") together with loan notes with a principal value of £620,209.91 convertible into 6,202,099 ordinary shares at £0,10 per share (the \"Consideration Notes\"). \n \n \n \n \n \n The Consideration Notes are zero coupon, unsecured, 10-ye...