Challenger Acquisitions Limited Reduction in Convertible Notes by £544,000 (1960Z)
30 August 2018 - 4:00PM
UK Regulatory
TIDMCHAL
RNS Number : 1960Z
Challenger Acquisitions Limited
30 August 2018
NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, DIRECTLY OR
INDIRECTLY, WITHIN, INTO OR IN THE UNITED STATES, AUSTRALIA, CANADA
OR JAPAN.
For Immediate Release
30 August 2018
Challenger Acquisitions Limited
("Challenger" or the "Company")
Reduction in Convertible Notes by GBP544,000
Challenger Acquisitions Limited (LSE: CHAL) announces that it
has executed a Convertible Note Purchase Agreement ("Agreement")
with two existing and independent convertible note holders as
follows:
-- Prior to signing this Agreement, the last remaining holder of
the original 6 May 2015 convertible notes held GBP639,556 of
convertible notes and had received 12% interest up to 31 December
2016.
-- This note holder has agreed to transfer GBP95,000 of these
convertible notes to another existing note holder and to transfer,
at no cost, the remaining GBP544,556 (GBP639,556 less GBP95,000) of
notes back to the Company.
-- This note holder has also agreed to forgive all interest
owing from 1 January 2017 to closing of this transfer, which
approximates GBP115,000.
-- The Company has therefore cancelled the GBP544,556 in notes
received and will record a gain on this transaction and the related
interest savings.
Mark Gustafson, Challenger's Chief Executive Officer, said,
"This reduction in the overall debt level and the related interest
savings has been a very important development for Challenger in
order to move the Company forward. We wish to thank the original
note holder for their support."
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 Wadham, Charlotte Page +44 (0) 20 7236 1177
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END
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