Challenger Acquisitions Limited Cost Control Measures and Allotment of Shares (0490W)
06 February 2017 - 6:00PM
UK Regulatory
TIDMCHAL
RNS Number : 0490W
Challenger Acquisitions Limited
06 February 2017
NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, DIRECTLY OR
INDIRECTLY, WITHIN, INTO OR IN THE UNITED STATES, AUSTRALIA, CANADA
OR JAPAN.
For Immediate Release
6 February 2017
Challenger Acquisitions Limited
("Challenger" or the "Company")
Cost Control Measures and Allotment of Shares re Convertible
Notes
Challenger Acquisitions Limited (LSE: CHAL) announces that it
has commenced a strategy to implement specific cost control
measures and to actively manage the conversion of a portion of its
outstanding convertible notes.
Effective from 1 February 2017, Mark Gustafson, Chief Executive
Officer of the Company, has agreed to a compensation arrangement of
GBP1,000 per month until further notice. The board of directors has
also been reduced to three members with the retirement of Markus
Kameisis as an executive director. Mr. Kameisis retains his
position as Chief Financial Officer of the Company. Going forward,
the Company will continue to review public company costs to ensure
these are minimised wherever possible.
The Company also announces that it has allotted 8,323,476 new
Ordinary Shares of GBP0.01 each ("Share") on the conversion of
GBP630,431 of the 12% unsecured convertible notes due 6 May 2017
(issued at 8.2p per share) and GBP50,000 of the unsecured
convertible notes due 13 April 2018 (issued at 7.8p per share). An
additional 15,536 Shares were allotted to settle interest of
GBP1,274 due up until the date of conversion. These Shares were
issued at a price of 8.2p per Share.
Application has been made to the Financial Conduct Authority
("FCA") for 8,339,012 Shares to be admitted to listing on the
standard listing segment of the Official List and to the London
Stock Exchange for such shares to be admitted to trading on the
Main Market for listed securities. It is expected that Admission
will become effective, and dealings in the new ordinary shares will
commence, at or around 8.00a.m. on 9 February 2017.
Following this allotment, the total number of Shares in issue
and the total number of voting rights in the Company is 31,218,745.
There are no Shares held in treasury. The figure of 31,218,745
Shares and voting rights may be used by shareholders in the Company
as the denominator for the calculations by which they can determine
if they are required to notify their interest in, or a change to
their interest in, the share capital of the Company under the FCA's
Disclosure and Transparency Rules.
Mark Gustafson, Challenger's Chief Executive Officer said:
"Following the recent disposal of the Starneth business we believe
it is prudent to minimise our public company costs until fees from
the closing of Giant Observation Wheel projects commence. In line
with this, we are currently exploring a number of prospective
growth opportunities and we look forward to updating shareholders
on these developments in due course. Alongside this, we will work
actively with our note holders to reduce the level of convertible
notes in our Company this year in order to ensure we are well
positioned to build value for our shareholders."
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
finnCap (Financial Adviser
and Broker)
Adrian Hargrave, James Thompson, +44 (0) 20 7220
Kate Bannatyne 0500
This information is provided by RNS
The company news service from the London Stock Exchange
END
IOESSMFDIFWSEIE
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