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  • Chagala 2018 Interims. Realty Invest Offer Closes 28 September.

Chagala 2018 Interims. Realty Invest Offer Closes 28 September.

  September 21, 2018    Research    Argento Capital

Chagala’s interims announced on 18 September 2018 have followed hard on the heels of its delayed 2017 full year accounts published in July. Revenue, profit and asset value have all decreased, partly as a consequence of adverse currency movement. Increasing competition in Atyrau, the main area of operation of Chagala, is also apparent. However, the Offer of $2.15 per share from Realty Invest Holding LLP (“Realty Invest”) remains the focus of attention with the final day for acceptances being 28 September 2018 (shareholders with 63.6% have already accepted, 27.8% have irrevocably not accepted, leaving 8.6% to respond). No further dividends have been declared since the last one for USc2.5 per share in August.

 

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Disclaimer

This section of the Argento Capital Markets Limited (“Argento”) website (the “Website”) and the documents contained herein have been issued by Argento for information purposes only and should not be construed in any circumstances as an offer to sell or solicitation of any offer to buy any security or other financial instrument, nor shall they, or the fact of the distribution, form the basis of, or be relied upon in connection with, any contract relating to such action. The information contained in this section of the Website has no regard for the specific investment objectives, financial situation or needs of any specific entity and is not a personal recommendation to anyone. Persons accessing this section of the Website should make their own investment decisions based upon their own financial objectives and financial resources and, if in any doubt, should seek advice from an investment advisor.

The information contained in this section of the Website is based on materials and sources that are believed to be reliable; however, they have not been independently verified and are not guaranteed as being accurate. The information contained in this section of the Website is not intended to be a complete statement or summary of any securities, markets, reports or developments referred to herein. No representation or warranty, either express or implied, is made or accepted by Argento, its members, directors, officers, employees, agents or associated undertakings in relation to the accuracy, completeness or reliability of the information in this section of the Website, nor should it be relied upon as such.

Any and all opinions expressed are current opinions as of the date appearing on the documents included in this section of the Website only. Any and all opinions expressed are subject to change without notice and Argento is under no obligation to update the information contained in this section of the Website. To the fullest extent permitted by law, none of Argento, its members, directors, officers, employees, agents or associated undertakings shall have any liability whatsoever for any direct or indirect or consequential loss or damage (including lost profits) arising in any way from the use of all or any part of the information contained in this section of the Website.

The information contained in this section of the Website should not be relied upon as being an independent or impartial view of the subject matter and, for the avoidance of doubt, does not constitute “independent investment research” for the purposes of the Financial Conduct Authority rules. In relation to MiFID II. Research on its client companies produced and distributed by Argento is normally commissioned and paid for by the client companies themselves. The research is distributed free of charge and is available through our web site. It therefore meets the definition of a non-monetary benefit. Argento has no securities trading activities and does not make markets. The individuals who prepared the information contained in this section of the Website may be involved in providing other financial services to the company or companies referenced in this information, or to other companies who might be said to be competitors of the company or companies referenced in this section of the Website. As a result, both Argento and the individual members, directors, officers and/or employees who prepared the information contained in this section of the Website may have responsibilities that conflict with the interests of the persons who access this section of the Website. Argento and/or connected persons may, from time to time, have positions in and/or effect transactions in any investment or related investment mentioned in this section of the Website and may provide financial services to the issuers of such investments.

This section of the Website is only directed at persons who (i) fall within Article 19(5) (persons who have professional experience in matters relating to investments) or Article 49(2) (a) to (d) (high net worth companies, unincorporated associations, etc) of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005 (as amended) or (ii) are Professional Clients or Eligible Counterparties (as those terms are defined in the rules of the Financial Conduct Authority) (all such persons referred to in (i) and (ii) together being referred to as “relevant persons”). The information contained in this section of the Website must not be acted on or relied upon by persons who are not relevant persons. For the purposes of clarity, the information contained in this section of the Website is not intended for and should not be relied upon by persons who would be classified as Retail Clients (as defined by the rules of the Financial Conduct Authority).

The information contained in this section of the Website should not be accessed by a person in any other jurisdiction where its access may be restricted by law and persons into whose possession the information in this section of the Website comes should inform themselves about, and observe, any such restrictions. Access of the information contained in this section of the Website in any such other jurisdictions may constitute a violation of UK or US securities law, or the law of any such other jurisdictions.

Argento and/or its associated undertakings may from time-to-time provide investment advice or other services to, or solicit such business from, any of the companies referred to in the information contained in this section of the Website. Accordingly, information may be available to Argento that is not reflected in this material and Argento may have acted upon or used the information prior to or immediately following its publication. In addition, Argento, the members, directors, officers and/or employees thereof and/or any connected persons may have an interest in the securities, warrants, futures, options, derivatives or other financial instrument of any of the companies referred to in this section of the Website and may from time-to-time add or dispose of such interests.

Neither the whole nor any part of the information contained in this section of the Website may be duplicated in any form or by any means. Neither should the information contained in this section of the Website, or any part thereof, be redistributed or disclosed to anyone without the prior consent of Argento.

Argento is a company registered in England and Wales, with registration number 07977754, and is an Appointed Representative of Citation Capital Management Limited, which is authorised and regulated by the Financial Conduct Authority (reference number: 198036). Argento’s registered office is at 12 Pepper Street, London E14 9RP.

By clicking the “I accept” link below and by accessing this section of the Website you agree to be bound by the above terms and conditions and confirm that you are a relevant person. If you do not accept these terms and conditions or you are not a relevant person, please do not use this section of the Website.