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Chagala Unconditional Cash Offer from Realty Invest – irrevocables provide control

Chagala has received the expected unconditional cash offer (the “Offer”) from a SPV procured by TIPP Investments PCC (“TIPP”), as announced in June, following the prior offer by Asian Investment Management Services Limited (“AIMS”).

The SPV, Realty Invest Holding LLP (“Realty Invest”), already has irrevocable acceptances from TIPP, Chagala’s directors and those associated with them, which will provide Realty Invest with control.

Although the Offer price is a 39% discount to Chagala’s NAV per share as of the end of December it seems likely that any “independent” shareholders will accept the Offer.

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