Cindrigo Energy Ltd. (CEL) entered into an agreement to acquire Challenger Acquisitions Limited (LSE:CHAL) from Jarvis Investment Management Ltd, Knowe Properties, Ltd., Mark Gustafson and Zhen Xie in a reverse merger transaction on March 5, 2021. Cindrigo Energy Ltd. entered into a new arrangement agreement to acquire Challenger Acquisitions Limited from Jarvis Investment Management Ltd, Knowe Properties, Ltd., Mark Gustafson and Zhen Xie in a reverse merger transaction on June 17, 2021. The Acquisition will proceed pursuant to a new Plan of Arrangement under the British Columbia Business Corporations Act (the 'PoA'). Under the transaction, Jarvis Investment Management Ltd, Knowe Properties, Ltd., Mark Gustafson and Zhen Xie will sell 28.7%, 8.9%, 2.4% and 9.1% stake, respectively. The Arrangement Agreement details that Challenger will acquire each share in the issued share capital of CEL in exchange for one new share issued by Challenger except to the extent that the issue of such shares to any Cindrigo Shareholder or group of Cindrigo Shareholders deemed to be acting in concert, would trigger an obligation to make an offer pursuant to Rule 9, in which case convertible loan notes will be issued in respect of such number of shares as would take the interest of any Cindrigo Shareholder and those acting in concert with them to 30% or more. As a result of the proposed exchange the current shareholders of CEL would hold some 96.5% of the enlarged issued share capital of Challenger, if all loan notes were to be converted. Challenger Acquisitions Limited will change the name of company to Cindrigo Holdings Limited on completion of the Acquisition. It is anticipated that in due course the shares of Cindrigo Limited will be distributed to Challenger following completion of the Acquisition and CEL will then be liquidated. Challenger intends to make an application for its enlarged ordinary share capital to be readmitted to the standard segment of the Official List of the FCA and to trading on the Main Market of the London Stock Exchange and, for that purpose, has in contemplation of the Acquisition becoming unconditional, filed a draft prospectus with the Financial Conduct Authority ('FCA') for approval. The Arrangement Agreement is conditional upon the approval of the PoA by a special majority of the shareholders of CEL, the approval of the PoA by the Supreme Court of British Columbia, the approval by shareholders of Challenger of resolutions to (i) authorize the directors of the Company to allot the required consideration shares to complete the Acquisition and (ii) change the name of the Company to Cindrigo Holdings Limited on completion of the Acquisition. As on June 21, 2021, at an extraordinary general meeting the shareholders of Challenger approved the resolutions to allot the required consideration shares and to change the name of the Company to Cindrigo Holdings Limited. As on July 14, 2021, Supreme Court of British Columbia has approved the transaction and completion is anticipated before the end of July 2021.