REG - Chaarat Gold Hlgs Ld Shanta Gold Limited - Rule 2.8 Announcement

Chaarat Gold HoldingsAnnouncement

14/11/2022 07:00

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RNS Number : 2226G  Chaarat Gold Holdings Ltd  14 November 2022

NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION IN WHOLE OR IN PART IN, INTO OR
FROM ANY JURISDICTION WHERE TO DO SO WOULD CONSTITUTE A VIOLATION OF THE
RELEVANT LAWS OR REGULATION OF SUCH JURISDICTION

THIS ANNOUNCEMENT IS AN ANNOUNCEMENT FALLING UNDER RULE 2.8 OF THE UNITED
KINGDOM ("UK") CITY CODE ON TAKEOVERS AND MERGERS (THE "TAKEOVER CODE").

 

THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION FOR THE PURPOSES OF ARTICLE 7 OF
THE MARKET ABUSE REGULATION (EU) 596/2014 AS IT FORMS PART OF UK DOMESTIC LAW
BY VIRTUE OF THE EUROPEAN UNION (WITHDRAWAL) ACT 2018

FOR IMMEDIATE RELEASE

14 November 2022

Chaarat Gold Holdings Ltd

("Chaarat", "the Company" or "the Group")

Statement of intention not to make an offer for Shanta Gold Ltd

Further to the announcement made by Chaarat on 18 October 2022 regarding the
possible offer for the entire issued and to be issued share capital of Shanta
Gold Limited ("Shanta"), Chaarat confirms that it is not intending to make an
offer for Shanta.

The management teams of Shanta and Chaarat have been engaged to evaluate the
potential structure and terms of a possible offer, however it has not been
possible to reach an agreement. Chaarat will continue to proactively seek and
evaluate various opportunities to diversify its asset portfolio and grow
inorganically, as well as pursuing organic growth through Chaarat's own
significant resource base.

This is a statement to which Rule 2.8 of the Takeover Code (the "Code")
applies.

Under Note 2 on Rule 2.8 of the Code, Chaarat reserves the right to set the
restrictions in Rule 2.8 aside in the following circumstances:

a.  with the agreement of the board of directors of Shanta;

b.  if a third party announces a firm intention to make an offer for Shanta;

c.  if Shanta announces a Rule 9 waiver (see Note 1 of the Notes on
Dispensations from Rule 9) or a reverse takeover (as defined in the Code); and

d.  if there has been a material change of circumstances (as determined by
the Takeover Panel).

 

Enquiries

 Chaarat Gold Holdings Limited                           +44 (0) 20 7499 2612
 Mike Fraser (Chief Executive Officer)

 Canaccord Genuity Limited                               +44 (0) 207 523 8000
 (Financial adviser, NOMAD and Joint Broker to Chaarat)
 Raj Khatri
 James Asensio
 Gordon Hamilton

 

Publication on website

In accordance with Rule 26.1 of the Code, a copy of this announcement will be
available on the website of Chaarat at https://www.Chaarat.com/for-investors/
(https://www.chaarat.com/for-investors/)  promptly and by no later than 12
noon (London time) on the business day following this announcement. The
content of the websites referred to in this announcement are not incorporated
into and do not form part of this announcement.

Other notices

Canaccord Genuity, which is authorised and regulated in the United Kingdom by
the Financial Conduct Authority, is acting exclusively for Chaarat and for
no-one else in connection with the matters referred to in this Announcement
and will not be responsible to any person other than Chaarat for providing the
protections afforded to clients of Canaccord Genuity, nor for providing advice
in relation to the matters referred to herein. Neither Canaccord Genuity nor
any of its affiliates owes or accepts any duty, liability or responsibility
whatsoever (whether direct or indirect, whether in contract, in tort, under
statute or otherwise) to any person who is not a client of Canaccord Genuity
in connection with the matters referred to in this Announcement, or otherwise.

 

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