REGENT Kingpin Capital Aquisitions (RKAL), a recently-formed arm of Hong Kong-based Regent Fund Managers, says it has offered takeover target GT Chile Growth Fund independent verification of its holdings in the company. Regent said it would allow the records to be inspected following a claim by GT Chile that it had yet to see proof of Regent Kingpin's holding in the company. 'Contrary to the Chile Fund board's claim that no evidence is being provided of the acceptances, RKAL has already offered in writing to allow independent verification as to the level of acceptances.' Regent says it has 50.25 per cent of acceptances from GT Chile shareholders. On Friday, GT Chile urged shareholders to reject the bid and said it had asked the Securities and Futures Authority (SFA), which regulates investment houses, and the London Stock Exchange, to investigate the conduct of Regent's offer. However it is understood that the SFA has already completed its investigation. Regent said: 'RKAL is giving other GT Chile shareholders the opportunity to accept the offer. However, the reorganisation will now proceed irrespective of the level of further acceptances received, as the GT Chile board no longer has the confidence of a majority of its shareholders.' Regent proposes to buy 60 per cent of the fund for cash, issue warrants at a ratio of one-for-13 and install Regent Kingpin Capital Management as the manager, re-naming the fund Regent Kingpin Chile Investment Value Fund.
