Challenger Offer Longstop Date Lapse – Alternative RTO Structure Investigated

Board Committed to Achieve the Reverse Takeover

Following discussions between Challenger Acquisitions Limited (LSE: CHAL) and Cindrigo has the Offer made to certain shareholders of Cindrigo Energy Limited (“CEL”) lapsed on the extended long-stop date of 26 February 2021.

The Boards of Challenger and Cindrigo are investigating an alternative transaction structure to achieve the proposed reverse takeover of the Cindrigo business by Challenger, on potentially improved commercial terms. The alternative structure will require approval from the shareholders of both companies and both Challenger and CEL anticipate convening meetings of their respective shareholders in due course to seek the required approvals for such alternative transaction. The Company will make a further announcement relating to a proposed new transaction when appropriate.

Notwithstanding the lapse of the Offer, as a reverse takeover of Cindrigo is still in contemplation, Challenger has not requested the Financial Conduct Authority to end the suspension of Challenger’s listing pursuant to Listing Rule 5.4.3 and we expects the suspension to continue until the completion of a reverse takeover.

Mustaq Patel, Cindrigo’s CEO, said, ” Both Challenger and Cindrigo remain committed to achieve the reverse takeover of the Cindrigo business by Challenger and we will continue to work together to ensure a satisfactory commercial arrangement is reached for both parties.”