Chagala Cash Offer by AIMS


Chagala has received an unconditional Cash Offer for its shares on 20 June 2016 from existing shareholder Asian Investment Management Services Limited. The offer price of US$1.55 is at a substantial discount to our previous estimated NAV of the Group of US$3.54. Outstanding litigation against the Group by a member of a concert party which attempted to gain board control two years ago seems to be at the heart of the Offer which may be designed as a way of ending the dispute. The Directors are making no recommendation to shareholders.

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