TIPP Investments PCC has filed an injunction to suspended a placing and open offer by Chagala Group.
Chagala says TIPP has filed an application in the Eastern Caribbean Supreme Court in the Commercial Division of the High Court of Justice of the British Virgin Islands for a court order requiring the suspension of the placing and open offer until 27 October.
This is the scheduled date of a hearing in relation to a claim filed by TIPP on 27 July against Chagala and its individual board members.
The application was made on various grounds including, among others, that the placing and open offer would prejudice TIPP's rights as a shareholder.
Chagala says it believes that there is no reasonable basis for such an order to be granted and intends to contest the application vigorously.
A hearing on the application is expected to take place on or about 22 September.
If the court denies the application, the company intends that the capital raise will proceed in accordance with the existing expected timetable.