Company Update

RNS Number : 0577V

Challenger Acquisitions Limited

18 July 2018

 

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

For Immediate Release

Challenger Acquisitions Limited

("Challenger" or the "Company")

Company Update

Challenger Acquisitions Limited (LSE: CHAL) provides an update ahead of its shareholder conference call at 2.00pm UK time on Wednesday 18 July 2018.

2018 AGM

As previously announced, the 2018 Annual General Meeting ("AGM") will be held in Zurich on 3^rd August 2018.  The decision to hold the AGM in Zurich, as opposed to Guernsey was taken purely for cost saving reasons.  The Company's Chief Financial Officer and Company Secretary is located in Zurich and his office will be used to host the meeting.  In the past two years, the AGM was held in Guernsey.

New York Wheel ("NYW") Project

Management believes that the settlement of the legal matters between the NYW and its former contractor should allow the NYW to finalise its funding arrangements and to hire a new contractor.  An announcement will be made on any new material developments at the NYW as soon as appropriate.

Dallas Wheel Project

During this pre-development phase, the approximate 500-foot-high wheel has been branded "The Odyssey".  The seven acres of land that The Odyssey will be built on has been secured.  There are significant planning and city commission votes scheduled this summer regarding the proposed re-zoning of this land for entertainment purposes.  Pending successful votes to re-zone the land, there will be an approximate six-month period to secure the main contractors and the related funding for the project.

Starneth projects

Based on recent communication from the current owner of the Starneth group of companies, no new projects, including Jakarta, have been started. See RNS dated 30 January 2017 for more details.

Star Sanctum investment

 After the recent announcement on 19 April 2018 regarding the Star Sanctum Event, the Company has been in contact several times with the owner of Star Sanctum regarding the options available to commence recovery of the £100,000 loan. An announcement on this outcome is expected in the short term.

Other Matters

The Company continues to seek and evaluate new projects that can utilise the public company platform that makes sense from a financial and regulatory perspective.  The Company recognises that the past convertible note financings represent a burden to securing new projects and is actively working to reduce this burden and an initial step to address this issue is expected to be announced in the short term.  The Company's current cash position is sufficient to allow it to continue functioning as a public company.  Additional funding sources have been identified and can be utilized for qualified new projects.

Mark Gustafson, Challenger's Chief Executive Officer, said "The first half of 2018 was very challenging and now we do expect positive developments with the NYW, Dallas and Star Sanctum projects over the balance of this year. Our cost structure is very tight, and we will continue to improve the quality of our public company platform."

**ENDS**

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

Challenger Acquisitions Limited
Mark Gustafson	[phone]
St Brides Partners Ltd (PR)
Lottie Wadham, Charlotte Page	[phone]

 

END

 

 

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