Cindrigo Limited (“Cindrigo”) and Cindrigo Energy Limited is pleased to announce that it has entered into a Letter of Intent (“LOI”) with Challenger Acquisitions Limited listed on London Stock Exchange (LSE: CHAL)
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.
Should the Offer complete, it would constitute a Reverse Take Over (“RTO”) under the Listing Rules. 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
The Cindrigo Group have been seeking a listing to access capital markets, the Board of Cindrigo believes that a listing on the London Stock Exchange would be beneficial to the Company given the proposed location of its proposed developments and its central management and control, both of which are located in Europe.
At the request of Challenger the FCA has suspended the Company’s listing on the standard segment of the Official List and trading on the Main Market of the London Stock Exchange pending either a further announcement on specific details of the RTO, the publication of a prospectus, or an announcement that the RTO is not proceeding.
Challenger Acquisitions Limited announcement by RNS, the news service of the London Stock Exchange: