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HOTR > SEC Filings for HOTR > Form 8-K on 22-Mar-2013All Recent SEC Filings

Show all filings for CHANTICLEER HOLDINGS, INC. | Request a Trial to NEW EDGAR Online Pro



Other Events

Item 8.01 Other Events

Chanticleer Holdings, Inc. (the "Company") and its Board of Directors have decided to exit the fund management business. The desired result of current negotiations would be for Chanticleer Advisors, LLC ("Advisors") to resign as manager of Chanticleer Investors II ("Investors"). Matthew Miller and Joe Koster, two of the current fund managers, will cease to be employed by Advisors and will control a new management entity ("NEWCO") created specifically to manage the successor to Investors. Mr. Michael Pruitt will resign as one of the portfolio managers. From this arrangement, the Company will have an ongoing economic benefit from this aspect of the business, while eliminating the losses associated with the fund management business. Advisors has failed to produce profits and has resulted in operating losses since inception. Subject to limited partner approval, the transition is expected to be effectuated on May 1, 2013.

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