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Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
---|---|---|---|---|---|
Cindrigo Holdings Limited | LSE:CHAL | London | Ordinary Share | Ordinary Shares |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 0.13 | 0.00 | 01:00:00 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
0 | 0 | N/A | 0 |
TIDMCHAL
RNS Number : 5416F
Challenger Acquisitions Limited
18 May 2017
NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, DIRECTLY OR INDIRECTLY, WITHIN, INTO OR IN THE UNITED STATES, AUSTRALIA, CANADA OR JAPAN.
18 May 2017
Challenger Acquisitions Limited
("Challenger" or the "Company")
Convertible Note
Challenger Acquisitions Limited (LSE: CHAL) announces that it has setup a GBP500,000 unsecured convertible note ("the Note"), with CEO Mark Gustafson ("the Noteholder") being the first investor. The Note, which is to be used for general working capital purposes, is to be issued in tranches and to date GBP30,000 has been issued by the Company.
Challenger CEO Mark Gustafson said: "This investment demonstrates my commitment to the future of the Company. Following the restructuring of the business at the start of the year we will continue to pursue potential Giant Observation Wheel projects with Starneth, which would generate success fees for Challenger, as well as evaluating other potential new projects within the leisure and attractions sector."
Principal terms of the Notes
-- The aggregate principal amount of the Note is GBP500,000, of which GBP30,000 has been issued to date
-- The Note is unlisted, unsecured, transferable and must be redeemed by the Company on 17 May 2018, at the Company's option in cash or in Ordinary Shares at 3p per Ordinary Share
-- The Noteholder may convert all or part of the principal amount of the Note into ordinary shares of the Company ("Ordinary Shares") at any time at a fixed conversion price of 3p per Ordinary Share
-- After an initial 90 day grace period, interest is then accrued at 5% per annum and payable upon conversion, or at maturity, at the Company's option in:
o cash; or
o by issuing Ordinary Shares in respect of such accrued interest conversion amount at the average of the 10 day closing price prior to the end of each calendar quarter
-- At any time the Company can redeem in cash all or any part of the outstanding Notes from the holder at a 20% premium to the principal amount of such notes
-- The Convertible Notes 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 suffers an insolvency event
-- The Notes and related documentation are governed under the laws of England
**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
Notes to Editors:
Challenger (LSE: CHAL) has a US$3 million equity interest in the US$590 million New York Wheel Project and is currently focusing on appraising additional opportunities in the attractions sector.
This information is provided by RNS
The company news service from the London Stock Exchange
END
IODLIFIAEDITLID
(END) Dow Jones Newswires
May 18, 2017 05:15 ET (09:15 GMT)
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