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Readmission to trading on the London Stock Exchange
Challenger Acquisitions announces that following its acquisition of the Starneth Group and its investment in the New York Wheel Project the Company’s ordinary share capital comprising of 13,325,681 ordinary shares of £0.01 each, have today been readmitted to the Official List of the UK Listing Authority and to trading on the London Stock Exchange’s Main Market for listed securities under the ticker ‘CHAL’.
Mark Gustafson, Chairman, commented: “We are delighted that Challenger Acquisitions has been readmitted to the LSE main market following our acquisition of Starneth, whose founders were actively involved in four of the six largest giant observation wheels in the world, including the iconic London Eye. We are ideally positioned to become the leader in giant observation wheels and we now plan to hit the ground running through a pipeline of 25 potential GOW projects worldwide to selectively add to our portfolio. Our first investment consists of a 2.4% equity stake in the US$500 million New York Wheel Project on Staten Island in New York, which commenced construction in May of this year already. Having had advanced discussions with multiple GOW developers during our suspension, we anticipate announcing a number of developments over 2016 to provide exciting newsflow to our shareholders.”
Following the acquisition of the Starneth Group, Challenger Acquisitions owns and operates a business specialising in the design and engineering of giant observation wheels and structures. With Starneth’s expertise in the sector, the Group offers a wide range of services to developers of giant observation wheels and structures worldwide, ranging from initial conceptual ideas, design only, to the construction, engineering, fabrication, erection and testing phases.
In addition, the Company has an investment of US$3 million representing a 2.4% interest in New York Wheel Investor LLC, a company that was set up to fund the equity component for the New York Wheel Project, which includes an approximate 630 foot high observation wheel with 36 capsules, a 68,000 square foot terminal and retail building, and a 950 space parking garage on Staten Island which is expected to be operational in 2017.
