() has waived the requirement for major shareholder Labro to make a mandatory offer for the company on the acquisition of a further 4mln shares.
Labro already holds 139,841,969 shares, amounting to approximately 34.8% of Chaarat's issued share capital as well as 21,367,521 warrants and US$1mln worth of convertible loan notes.
There is a provision in the company's articles of association which states that the board has the right to require any holder of more than 20% to make a mandatory offer if they acquire an additional interest.
The board has previously exercised its discretion to waive the requirement for a mandatory offer when Labro has acquired additional shares.
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