Share Name Share Symbol Market Type Share ISIN Share Description
Challenger Acquisitions LSE:CHAL London Ordinary Share GG00BV0LCK35 ORD GBP0.01
  Price Change % Change Share Price Bid Price Offer Price High Price Low Price Open Price Shares Traded Last Trade
  -0.025p -2.33% 1.05p 1.00p 1.10p 1.075p 0.95p 1.075p 2,085,519 14:13:59
Industry Sector Turnover (m) Profit (m) EPS - Basic PE Ratio Market Cap (m)
Travel & Leisure - - - - 0.69

Challenger Acquisitions Limited Additional Resources

13/06/2017 7:00am

UK Regulatory (RNS & others)


Challenger (LSE:CHAL)
Historical Stock Chart

2 Months : From May 2017 to Jul 2017

Click Here for more Challenger Charts.

TIDMCHAL

RNS Number : 8584H

Challenger Acquisitions Limited

13 June 2017

NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, DIRECTLY OR INDIRECTLY, WITHIN, INTO OR IN THE UNITED STATES, AUSTRALIA, CANADA OR JAPAN.

For immediate release 13 June 2017

Challenger Acquisitions Limited

("Challenger" or the "Company")

Additional Resources

Challenger Acquisitions Limited (LSE: CHAL) announces that it has received GBP100,000 (GBP95,000 net of fees) from the setup of a new GBP1,000,000 unsecured convertible note facility due 8 June 2019 ("Note Facility").

This Note Facility will be used for general working capital purposes and to potentially support an acquisition or development of a project to complement the Company's US$3 million equity interest in the US$590 million New York Wheel Project which is currently under construction.

Challenger has also engaged a London based consulting firm, on a success fee basis, to assist in identifying and securing project level funding sources for potential Giant Observation Wheel projects and for other new potential projects in the leisure and entertainment sectors which the Company is currently evaluating.

Mark Gustafson, the Company's Chief Executive Officer, said: "We are very pleased to have a funding facility in place and to be working on securing additional funding sources for potential new projects for Challenger. Further updates will be provided in due course."

Principal terms of the Note Facility

   --    The aggregate principal amount is up to GBP1 million with a 24 month term. 

-- The convertible note is unlisted, unsecured, transferable and must be redeemed by the Company on 8 June 2019, in cash unless it has been fully converted by then into ordinary shares of the Company ("Ordinary Shares").

   --    There are no conversions for the first 120 days. 
   --   The maximum amount that can be converted in any 30 day period is 20% of the principle amount. 

-- Subject to the conversion limitations noted above, the noteholder may exercise a conversion at the lowest volume weighted average price over the 10 days prior to the conversion ("Conversion Price").

   --    Interest is accrued at 8% per annum and payable upon conversion, at the Company's option in: 

o cash; or

o by issuing Ordinary Shares in respect of such accrued interest conversion amount at the Conversion Price.

-- At any time the Company can redeem in cash all or any part of the outstanding convertible note from the holder at a 25% premium to the principal amount of such notes.

-- The convertible note may be redeemed by the noteholder following certain noteholder redemption events, which include: payment default; material breach by the Company not cured within fifteen trading days; the Company or any of its subsidiaries suffer an insolvency event.

   --   The convertible note and related documentation are governed under the laws of England. 

This announcement contains inside information.

**ENDS**

For more information visit www.challengeracquisitions.com or enquire to:

 
 Challenger Acquisitions Limited 
 Mark Gustafson                     +1 604 454 8677 
 St Brides Partners Ltd (PR) 
 Lottie Brocklehurst, Charlotte     +44 (0) 20 7236 
  Page                               1177 
 
 
 

This information is provided by RNS

The company news service from the London Stock Exchange

END

UPDGGURPQUPMGAP

(END) Dow Jones Newswires

June 13, 2017 02:00 ET (06:00 GMT)

1 Year Challenger Chart

1 Year Challenger Chart

1 Month Challenger Chart

1 Month Challenger Chart
Your Recent History
LSE
GKP
Gulf Keyst..
LSE
QPP
Quindell
FTSE
UKX
FTSE 100
LSE
IOF
Iofina
FX
GBPUSD
UK Sterlin..
Stocks you've viewed will appear in this box, letting you easily return to quotes you've seen previously.

Register now to create your own custom streaming stock watchlist.

By accessing the services available at ADVFN you are agreeing to be bound by ADVFN's Terms & Conditions

P:40 V:gb D:20170727 18:57:54