Chilango postpones AGM amidst restructuring
Meanwhile, the Financial Conduct Authority has announced a ban on marketing mini-bonds, which does not cover Chilango’s “burrito bonds”.
Chilango has postponed its annual general meeting (AGM) following its confirmation of restructuring.
City A.M. reported a letter sent to the chain’s shareholders the night before the scheduled meeting last 29 November, which indicated its postponement “until 19 December” so as to give them a full update.
“You may have seen in recent press coverage that we have begun working with RSM on long term business planning and strategy,” the report lifted from the said letter.
Earlier, Chilango has confirmed restructuring talks with firm RSM after earning millions from its bond scheme.
Meanwhile, the Financial Conduct Authority has announced its ban on marketing mini-bonds to retail investors, which does not cover Chilango’s “burrito bonds” that had been directly used to finance the company.
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