http://www.proactiveinvestors.co.uk Proactiveinvestors RSS feed en Thu, 18 Jan 2018 19:46:07 +0000 http://blogs.law.harvard.edu/tech/rss Genera CMS action@proactiveinvestors.com (Proactiveinvestors) action@proactiveinvestors.com (Proactiveinvestors) <![CDATA[Media files - Challenger Acquisitions invests in Texas observation wheel ]]> http://www.proactiveinvestors.co.uk/companies/stocktube/8633/challenger-acquisitions-invests-in-texas-observation-wheel-8633.html Thu, 18 Jan 2018 12:11:00 +0000 http://www.proactiveinvestors.co.uk/companies/stocktube/8633/challenger-acquisitions-invests-in-texas-observation-wheel-8633.html <![CDATA[News - Challenger Acquisitions invests in second giant wheel project, this time in Texas ]]> http://www.proactiveinvestors.co.uk/companies/news/190224/challenger-acquisitions-invests-in-second-giant-wheel-project-this-time-in-texas-190224.html Challenger Acquisitions Limited (LON:CHAL) has invested in a second giant observation wheel project, this time in Dallas, Texas.

The AIM-quoted firm has invested US$300,000 towards the pre-development costs of the Eye of Texas, with the option to invest up to US$1mln in this first tranche. The remainder of the US$3mln of pre-development costs is being raised by local developers.

READ: Challenger Acquisitions clarifies position re Mammoet-Starneth

Challenger said the decision to invest in the Texas project is in line with its strategy to acquire interests in the leisure and attractions sector that offer both near and long-term revenue prospects.

It also complements its US$3mln equity stake in a similar project in the New York wheel which is currently being built on the New York Harbour.

A team of developers has been working on the EoT for three years now, during which time “significant equity” has been invested and planning has commenced.

A seven acre plot of land has been contractually secured in the Dallas-Fort Worth area where the 165m wheel will sit. To put that in perspective, the London Eye is just 125m high.

WATCH: Challenger Acquisitions confirms official launch of Star Sanctum

Once the EoT has been constructed, Challenger will have the opportunity to operate it.

“We are incredibly excited to have now made an investment in our second Giant Observation Wheel Project, marking an excellent start to 2018,” said chief executive Mark Gustafson.

“The Eye of Texas is highly complementary to our investment in the New York Wheel.

“An entertainment complex and the improvements to mass transportation will attract tourists outside of this highly populated area of 7.2mln people, and as such we anticipate strong traffic to the EoT.”

To fund its initial investment, Challenger has received the remaining £400,000 from its £1mln convertible note facility. 

Shares jumped 21.5% to 0.73p at the opening bell.

--Updates for share price--

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Thu, 18 Jan 2018 08:16:00 +0000 http://www.proactiveinvestors.co.uk/companies/news/190224/challenger-acquisitions-invests-in-second-giant-wheel-project-this-time-in-texas-190224.html
<![CDATA[RNS press release - Investment in New Giant Observation Wheel Project ]]> http://www.proactiveinvestors.co.uk/companies/rns/10692/LSE20180118070004_13500403/ Thu, 18 Jan 2018 07:00:04 +0000 http://www.proactiveinvestors.co.uk/companies/rns/10692/LSE20180118070004_13500403/ <![CDATA[RNS press release - Allotment of Shares re Convertible Notes ]]> http://www.proactiveinvestors.co.uk/companies/rns/10692/LSE20180111145852_13493584/ Thu, 11 Jan 2018 14:58:52 +0000 http://www.proactiveinvestors.co.uk/companies/rns/10692/LSE20180111145852_13493584/ <![CDATA[RNS press release - Holding(s) in Company ]]> http://www.proactiveinvestors.co.uk/companies/rns/10692/LSE20171229070003_13479777/ Fri, 29 Dec 2017 07:00:03 +0000 http://www.proactiveinvestors.co.uk/companies/rns/10692/LSE20171229070003_13479777/ <![CDATA[News - Challenger Acquisitions clarifies position re Mammoet-Starneth ]]> http://www.proactiveinvestors.co.uk/companies/news/188997/challenger-acquisitions-clarifies-position-re-mammoet-starneth-188997.html Challenger Acquisitions Ltd (LON:CHAL) remains confident that the stalled New York Wheel (NYW) project will get rolling again soon.

The group believes too many people have a vested interest in getting the iconic giant observation wheel – New York’s answer to the London Eye – up and running for the future of the project to remain up in the air for too long.

WATCH: Challenger Acquisitions confirms official launch of Star Sanctum

Challenger noted that most of the main components are already complete, and the components for the four 300’ legs are stored in Brooklyn and ready to be assembled on site.

It also observed that some US$400mln has been spent to date on the project and although there will be more legal developments, these will ultimately determine the financial exposure for the original design-build company (Mammoet-Starneth), and not the future of the NYW project.

Talking of Mammoet-Starneth, it recently filed for protection from its creditors; Challenger sought to quash any concerns shareholders might have about this development by clarifying that the NYW project is owned by New York Wheel Investors LLC, which is a separate company to Challenger, and that Starneth LLC, which is part of the legal contractual dispute with the original wheel erectors, has never been owned by Challenger.

Any potential future payments to be received by Challenger will be from Starneth Europe or Starneth Holdings, which the company previously owned.

READ: Challenger Acquisitions has "tremendous confidence" construction of NY Wheel project will recommence in the near-term

"With a US$3mln equity stake in the New York Wheel Project we look forward to, and have every confidence in full construction work recommencing again in the near future," said Mark Gustafson, the chief executive officer of Challenger. 

“We believe that there are significant vested interests to see the NYW Project become very active again in the short term,” he added. 

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Tue, 19 Dec 2017 07:54:00 +0000 http://www.proactiveinvestors.co.uk/companies/news/188997/challenger-acquisitions-clarifies-position-re-mammoet-starneth-188997.html
<![CDATA[RNS press release - New York Wheel Update ]]> http://www.proactiveinvestors.co.uk/companies/rns/10692/LSE20171219070003_13470035/ Tue, 19 Dec 2017 07:00:03 +0000 http://www.proactiveinvestors.co.uk/companies/rns/10692/LSE20171219070003_13470035/ <![CDATA[Media files - Challenger Acquisitions confirms official launch of Star Sanctum ]]> http://www.proactiveinvestors.co.uk/companies/stocktube/8499/challenger-acquisitions-confirms-official-launch-of-star-sanctum-8499.html Wed, 06 Dec 2017 12:38:00 +0000 http://www.proactiveinvestors.co.uk/companies/stocktube/8499/challenger-acquisitions-confirms-official-launch-of-star-sanctum-8499.html <![CDATA[News - Challenger Acquisitions reveals dates of first action film fan convention to be run by Star Sanctum ]]> http://www.proactiveinvestors.co.uk/companies/news/188339/challenger-acquisitions-reveals-dates-of-first-action-film-fan-convention-to-be-run-by-star-sanctum-188339.html Challenger Acquisitions Limited (LON:CHAL) said the first action film fan convention to be run by Star Sanctum will be held in May next year.

Star Sanctum is the name of the private company Challenger is backing; it is set to launch with a three-day event in London running from May 5-7.

READ: Challenger Acquisitions has "tremendous confidence" construction of NY Wheel project will recommence in the near-term

Star Sanctum will provide a select number of paying attendees with a chance to do all the usual fan convention stuff, such as attend seminars, get autographs and photos of the stars of recent action hero movies.

Challenger has provided a £100,000 loan agreement to Star Sanctum to support the launch of its first convention in London.

“Star Sanctum has identified a very unique and growing business opportunity; these events are incredibly popular and lucrative in North America, where there is a track record of success dating back to 1970,” said Mark Gustafson, the chief executive officer of Challenger.

 

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Wed, 06 Dec 2017 08:19:00 +0000 http://www.proactiveinvestors.co.uk/companies/news/188339/challenger-acquisitions-reveals-dates-of-first-action-film-fan-convention-to-be-run-by-star-sanctum-188339.html
<![CDATA[RNS press release - Launch of Star Sanctum Event ]]> http://www.proactiveinvestors.co.uk/companies/rns/10692/LSE20171206070003_13455189/ Wed, 06 Dec 2017 07:00:03 +0000 http://www.proactiveinvestors.co.uk/companies/rns/10692/LSE20171206070003_13455189/ <![CDATA[News - Challenger Acquisitions has "tremendous confidence" construction of NY Wheel project will recommence in the near-term ]]> http://www.proactiveinvestors.co.uk/companies/news/187956/challenger-acquisitions-has-tremendous-confidence-construction-of-ny-wheel-project-will-recommence-in-the-near-term-187956.html Challenger Acquisitions Ltd (LON:CHAL) remains tremendously confident that stalled construction of the New York Wheel will recommence in the short-term.

The company has a stake in the giant observation wheel project, and is waiting on the project developer to sign a contract with the American Bridge Company so construction of the wheel, New York's answer to the London Eye, can resume.

READ: Challenger Acquisitions confident work on New York Wheel will recommence "in the near-term"

Matters have been complicated by a dispute with the previous company contracted to build the wheel, but in a recent interview the project developer indicated that the contractual dispute should not have any impact on the signing of a new contract with the American Bridge Company.

"As an equity holder in the NYW Project, we have tremendous confidence that the main shareholders and financial backers of the NYW Project will support and ensure completion of this project,” said Mark Gustafson, Challenger's chief executive.

Action film convention proceeding according to plan

Meanwhile, Challenger's venture into the world of conventions focused on action films is progressing exactly as the company had expected.

With the funding from Challenger, a London-based venue has now been formally secured.

The experienced event organiser is now finalising the event website and marketing campaign to launch the event prior to the winter holiday season.

Staffing requirements are being organised and film-based action actors are now being contacted for their potential participation.

Gustafson indicated that the action-film-focused event could lead to additional opportunities in the future.

READ: Challenger Acquisitions ventures into world of action hero conventions

The investment company continues to sift through acquisition opportunities, having declined two project possibilities over the last month; due diligence and negotiations are going on with three other potential projects that have European and US potential.

“The search for another significant project continues and we would like to reach a conclusion on the current three potential projects in the short term. We wish to thank our patient shareholders and we will continue to provide you with regular updates," Gustafson said.

Shares in Challenger opened 0.6% higher at 0.729p.

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Wed, 29 Nov 2017 08:16:00 +0000 http://www.proactiveinvestors.co.uk/companies/news/187956/challenger-acquisitions-has-tremendous-confidence-construction-of-ny-wheel-project-will-recommence-in-the-near-term-187956.html
<![CDATA[RNS press release - Company Update ]]> http://www.proactiveinvestors.co.uk/companies/rns/10692/LSE20171129070004_13446988/ Wed, 29 Nov 2017 07:00:04 +0000 http://www.proactiveinvestors.co.uk/companies/rns/10692/LSE20171129070004_13446988/ <![CDATA[News - Challenger Acquisitions ventures into world of action hero conventions ]]> http://www.proactiveinvestors.co.uk/companies/news/186848/challenger-acquisitions-ventures-into-world-of-action-hero-conventions-186848.html If you’ve ever wanted to meet the actors and actresses behind your favourite superhero characters, Challenger Acquisitions Limited’s (LON:CHAL) latest venture could be right up your street.

The leisure and entertainment group has teamed up with a private UK company to launch and operate film-focused conventions, starting with a three-day event in London next year.

Possibility of European roll-out

Challenger said the ticketed conventions would give fans the “unique opportunity” to meet the stars of recent action hero movies.

“This is an exciting and incredibly special opportunity to participate in a new business set to launch a unique convention that could be duplicated throughout Europe on a similar platform,” said Challenger chief executive Mark Gustafson.

“Although this opportunity is initially smaller in scope than the five potential projects we are currently reviewing, it does have significant growth potential.”

£100,000 loan to support first event

To get the ball rolling the AIM-listed firm has provided a £100,000 loan to the unnamed private company to support the initial launch of the events. That funding will help cover the venue, staff, marketing and guest (film star) costs.

That loan, which is interest-free other than on default, is to be repaid to Challenger by 15 May 2018 with a repayment premium of 40%.

The deal also gives Challenger the right to participate in future events, which Challenger believes could be “very attractive, high-profile opportunities”.

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Tue, 07 Nov 2017 07:37:00 +0000 http://www.proactiveinvestors.co.uk/companies/news/186848/challenger-acquisitions-ventures-into-world-of-action-hero-conventions-186848.html
<![CDATA[RNS press release - Launch of unique film focused conventions ]]> http://www.proactiveinvestors.co.uk/companies/rns/10692/LSE20171107070004_13422321/ Tue, 07 Nov 2017 07:00:04 +0000 http://www.proactiveinvestors.co.uk/companies/rns/10692/LSE20171107070004_13422321/ <![CDATA[RNS press release - New Funding ]]> http://www.proactiveinvestors.co.uk/companies/rns/10692/LSE20171101070003_13415677/ Wed, 01 Nov 2017 07:00:03 +0000 http://www.proactiveinvestors.co.uk/companies/rns/10692/LSE20171101070003_13415677/ <![CDATA[RNS press release - Total Voting Rights ]]> http://www.proactiveinvestors.co.uk/companies/rns/10692/LSE20171031070002_13413894/ Tue, 31 Oct 2017 07:00:02 +0000 http://www.proactiveinvestors.co.uk/companies/rns/10692/LSE20171031070002_13413894/ <![CDATA[News - Challenger Acquisitions confident work on New York Wheel will recommence "in the near-term" ]]> http://www.proactiveinvestors.co.uk/companies/news/186250/challenger-acquisitions-confident-work-on-new-york-wheel-will-recommence-in-the-near-term--186250.html Giant observation wheel specialist Challenger Acquisitions Ltd (LON:CHAL) remains confident that full construction of the New York Wheel (NYW) project will recommence in the near-term.

Work has stopped on construction of the wheel due to a  contractual dispute with the previously appointed wheel erectors,

READ: Challenger Acquisitions expects to see progress with New York Wheel

A court hearing is scheduled for today (26 October) in New York where the company behind the NYW (in which Challenger has a US$3mln equity stake) and the former wheel contractor will discuss the transition matters related to the extensive work done by the various subcontractors for the project.

While the company has been waiting for the NYW issue to be resolved, significant progress has been made on the 75,000 square foot terminal and retail building which will sit alongside the New York Wheel, a 950-space parking garage and a 5,000-person capacity green roof for events. 

Work on the major components of the Giant Observation Wheel, such as the rim, cables, spindle, drive towers, capsules and control cabinets, are also still in progress.

The company remains on the look-out for further giant observation wheel construction opportunities, and although it has rejected three potential projects over the last six months after performing due diligence, five new potential projects are currently under consideration.

READ: Challenger Acquisitions confident New York Wheel will be finished despite dispute

"Following the restructuring process for Challenger since our disposition of Starneth we have been avidly evaluating projects which we believe will create near-term revenue and complement our interest in the NYW Project,” said Mark Gustafson, chief executive officer of Challenger. 

“This is not a simple or quick process; however, we are very encouraged by recent developments with several of the new opportunities.  Meanwhile, we look forward to the recommencement of full construction of the NYW Project, and anticipate being able to announce further updates in the near term.  I would like to thank our shareholders for their patience during this time and re-emphasise that we are working hard to find the right opportunity to deliver the utmost shareholder value," he added.

 

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Thu, 26 Oct 2017 08:15:00 +0100 http://www.proactiveinvestors.co.uk/companies/news/186250/challenger-acquisitions-confident-work-on-new-york-wheel-will-recommence-in-the-near-term--186250.html
<![CDATA[RNS press release - Company Update ]]> http://www.proactiveinvestors.co.uk/companies/rns/10692/LSE20171026070004_13409376/ Thu, 26 Oct 2017 07:00:04 +0100 http://www.proactiveinvestors.co.uk/companies/rns/10692/LSE20171026070004_13409376/ <![CDATA[RNS press release - Holding(s) in Company ]]> http://www.proactiveinvestors.co.uk/companies/rns/10692/LSE20171011175421_13393893/ Wed, 11 Oct 2017 17:54:21 +0100 http://www.proactiveinvestors.co.uk/companies/rns/10692/LSE20171011175421_13393893/ <![CDATA[RNS press release - Allotment of Shares re Convertible Notes ]]> http://www.proactiveinvestors.co.uk/companies/rns/10692/LSE20171003154501_13384660/ Tue, 03 Oct 2017 15:45:01 +0100 http://www.proactiveinvestors.co.uk/companies/rns/10692/LSE20171003154501_13384660/ <![CDATA[News - Challenger Acquisitions expects to see progress with New York Wheel ]]> http://www.proactiveinvestors.co.uk/companies/news/184692/challenger-acquisitions-expects-to-see-progress-with-new-york-wheel-184692.html Challenger Acquisitions Ltd (LON:CHAL) told investors it is expecting to see progress with the New York Wheel project and continues to look for other new opportunities.

In the group’s interim results statement, it said: “we are continuing to seek out, evaluate and review a number of potential projects and developments, which we believe may offer strategic growth opportunities for our company.”

“This is an ongoing and time consuming process however we are committed to finding a prospective development opportunity for our shareholders.“

In the half year results Challenger reported a £560,000 loss, including £53,000 of personnel costs and £175,000 of admin expenses.

Challenger noted that the New York Wheel company is in advanced negotiations with American Bridge Company – which is described as a very experienced engineering and construction firm – following a prior contract dispute with Dutch company Mammoet.

It also updated investors on the process to sell its stake in Starneth, originally announced in January, though it will retain an equity stake upon the close of at least one project before January 2019.

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Wed, 27 Sep 2017 15:27:00 +0100 http://www.proactiveinvestors.co.uk/companies/news/184692/challenger-acquisitions-expects-to-see-progress-with-new-york-wheel-184692.html
<![CDATA[RNS press release - Interim Results ]]> http://www.proactiveinvestors.co.uk/companies/rns/10692/LSE20170927143001_13377551/ Wed, 27 Sep 2017 14:30:01 +0100 http://www.proactiveinvestors.co.uk/companies/rns/10692/LSE20170927143001_13377551/ <![CDATA[RNS press release - Holding(s) in Company ]]> http://www.proactiveinvestors.co.uk/companies/rns/10692/LSE20170926144501_13376069/ Tue, 26 Sep 2017 14:45:01 +0100 http://www.proactiveinvestors.co.uk/companies/rns/10692/LSE20170926144501_13376069/ <![CDATA[RNS press release - Holding(s) in Company ]]> http://www.proactiveinvestors.co.uk/companies/rns/10692/LSE20170913151001_13361823/ Wed, 13 Sep 2017 15:10:01 +0100 http://www.proactiveinvestors.co.uk/companies/rns/10692/LSE20170913151001_13361823/ <![CDATA[RNS press release - Holding(s) in Company ]]> http://www.proactiveinvestors.co.uk/companies/rns/10692/LSE20170907111418_13355265/ Thu, 07 Sep 2017 11:14:18 +0100 http://www.proactiveinvestors.co.uk/companies/rns/10692/LSE20170907111418_13355265/ <![CDATA[RNS press release - REPLACEMENT: Total Voting Rights ]]> http://www.proactiveinvestors.co.uk/companies/rns/10692/LSE20170831150516_13347773/ Thu, 31 Aug 2017 15:05:16 +0100 http://www.proactiveinvestors.co.uk/companies/rns/10692/LSE20170831150516_13347773/ <![CDATA[RNS press release - Total Voting Rights ]]> http://www.proactiveinvestors.co.uk/companies/rns/10692/LSE20170831093001_13347057/ Thu, 31 Aug 2017 09:30:01 +0100 http://www.proactiveinvestors.co.uk/companies/rns/10692/LSE20170831093001_13347057/ <![CDATA[RNS press release - New Funding ]]> http://www.proactiveinvestors.co.uk/companies/rns/10692/LSE20170825070003_13341516/ Fri, 25 Aug 2017 07:00:03 +0100 http://www.proactiveinvestors.co.uk/companies/rns/10692/LSE20170825070003_13341516/ <![CDATA[RNS press release - Allotment of Shares re Convertible Notes ]]> http://www.proactiveinvestors.co.uk/companies/rns/10692/LSE20170824150002_13341209/ Thu, 24 Aug 2017 15:00:02 +0100 http://www.proactiveinvestors.co.uk/companies/rns/10692/LSE20170824150002_13341209/ <![CDATA[RNS press release - Holding(s) in Company ]]> http://www.proactiveinvestors.co.uk/companies/rns/10692/LSE20170823090001_13339139/ Wed, 23 Aug 2017 09:00:01 +0100 http://www.proactiveinvestors.co.uk/companies/rns/10692/LSE20170823090001_13339139/ <![CDATA[RNS press release - Allotment of Shares re Convertible Notes ]]> http://www.proactiveinvestors.co.uk/companies/rns/10692/LSE20170815150612_13330838/ Tue, 15 Aug 2017 15:06:12 +0100 http://www.proactiveinvestors.co.uk/companies/rns/10692/LSE20170815150612_13330838/ <![CDATA[News - Challenger Acquisitions notes US reports over new NY Wheel contractor but provides no confirmation an appointment is imminent ]]> http://www.proactiveinvestors.co.uk/companies/news/182449/challenger-acquisitions-notes-us-reports-over-new-ny-wheel-contractor-but-provides-no-confirmation-an-appointment-is-imminent-182449.html Challenger Acquisitions Limited (LON:CHAL) saw its shares reverse today as the firm noted yesterday’s share price spike on US reports over the weekend that a new contractor had been found to finish the New York observation wheel but provided no confirmation that an appointment is imminent.

Having jumped around 24% higher yesterday, in late morning trading today Challenger was the market's biggest faller, with its shares down 22%, or 0.5p to 1.85p.

In a statement, the AIM-listed firm simply said: “Challenger looks forward to updating the market when a new contractor is formally appointed and a new date is set for the completion of the New York Wheel.”

The group also pointed out that, in an update to the market published in July, Challenger's chief executive officer, Mark Gustafson had noted that “despite the press speculation around the dismissal of the original contractor, Challenger was very confident that the New York Wheel project would be completed.”

READ: Challenger Acquisitions confident New York Wheel will be finished despite dispute

Challenger has a US$3mln equity stake in the NY Wheel and took a hit a month ago when the design contractor Mammoet-Starneth was fired over a payment dispute.

That had led to fears the US$580mln project would not be finished, but things took a turn for the better over the weekend when the NY Wheel company confirmed it was close to appointing American Bridge to take over and finish the project.

American Bridge has already built the Las Vegas observation wheel, currently the world’s largest at 550, feet, but the New York version will be eighty feet higher. An even larger wheel is under construction in Dubai in the UAE.

A spokesperson for the New York Wheel consortium said a new completion date should be announced shortly, while confirming it was in advanced talks with American Bridge.

Expected to cost US$580mln, some US$400mln has already been spent on the NY Wheel.

Mammoet-Starneth was fired after New York Wheel said it had missed a number of construction and design deadlines, which has cost it US$16mln in damages and US$20mln in lost profits.

 -- Adds share price --

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Tue, 15 Aug 2017 08:15:00 +0100 http://www.proactiveinvestors.co.uk/companies/news/182449/challenger-acquisitions-notes-us-reports-over-new-ny-wheel-contractor-but-provides-no-confirmation-an-appointment-is-imminent-182449.html
<![CDATA[RNS press release - New York Wheel Construction Update ]]> http://www.proactiveinvestors.co.uk/companies/rns/10692/LSE20170815075101_13330074/ Tue, 15 Aug 2017 07:51:01 +0100 http://www.proactiveinvestors.co.uk/companies/rns/10692/LSE20170815075101_13330074/ <![CDATA[RNS press release - Holding(s) in Company ]]> http://www.proactiveinvestors.co.uk/companies/rns/10692/LSE20170814153534_13329457/ Mon, 14 Aug 2017 15:35:34 +0100 http://www.proactiveinvestors.co.uk/companies/rns/10692/LSE20170814153534_13329457/ <![CDATA[RNS press release - Holding(s) in Company ]]> http://www.proactiveinvestors.co.uk/companies/rns/10692/LSE20170811113000_13327479/ Fri, 11 Aug 2017 11:30:00 +0100 http://www.proactiveinvestors.co.uk/companies/rns/10692/LSE20170811113000_13327479/ <![CDATA[RNS press release - Holding(s) in Company ]]> http://www.proactiveinvestors.co.uk/companies/rns/10692/LSE20170803111502_13318434/ Thu, 03 Aug 2017 11:15:02 +0100 http://www.proactiveinvestors.co.uk/companies/rns/10692/LSE20170803111502_13318434/ <![CDATA[RNS press release - Allotment of Shares re Convertible Notes ]]> http://www.proactiveinvestors.co.uk/companies/rns/10692/LSE20170802070006_13316012/ Wed, 02 Aug 2017 07:00:06 +0100 http://www.proactiveinvestors.co.uk/companies/rns/10692/LSE20170802070006_13316012/ <![CDATA[RNS press release - Total Voting Rights ]]> http://www.proactiveinvestors.co.uk/companies/rns/10692/LSE20170731070003_13312215/ Mon, 31 Jul 2017 07:00:03 +0100 http://www.proactiveinvestors.co.uk/companies/rns/10692/LSE20170731070003_13312215/ <![CDATA[News - Challenger Acquisitions confident New York Wheel will be finished despite dispute ]]> http://www.proactiveinvestors.co.uk/companies/news/181396/challenger-acquisitions-confident-new-york-wheel-will-be-finished-despite-dispute-181396.html Challenger Acquisitions Limited (LON:CHAL) has played down reports that the New York Wheel project could be abandoned after a key contractor was fired last week.

Reports from New York said the project is set for major delays after Mammoet-Starneth, the design/build contractor, downed tools in May claiming developer NY Wheel hadn’t paid it.

NY Wheel subsequently took legal action against the contractor for more than US$30mln in damages and lost profits and has since terminated Mammoet-Starneth’s contract.

A replacement design and build contactor has yet to be found, though talks have recently started with American Bridge Company, which built the Las Vegas High Roller.

 

US3mln stake

Challenger has a US$3mln equity stake in the NY Wheel and chief executive Mark Gustafson said he was confident it would be completed despite the recent problems.

So far, US$400mln has been spent out of an estimated cost of US$593mln. Of that, Mammoet-Starneth’s contact was said to be worth US$140mln.

Gustafson visited the site recently and confirmed part of the garage is now operating and the foundations and structure of the terminal building are largely complete.

The manufacture of the four spindle legs is complete and they are ready to be erected, while other manufactured components are in the final stages.

 

192m high

The Staten Island-based giant observation wheel will be larger than the London Eye at 192 metres high and boast views across New York harbour.

Observation wheel specialist Starneth was the company behind the London Eye and until January was part-owned by Challenger.

"Based on my tour of the NYW Project site last week, the parking garage is fully functional and great progress is being made on the terminal building,” Gustafson added. 

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Tue, 25 Jul 2017 07:41:00 +0100 http://www.proactiveinvestors.co.uk/companies/news/181396/challenger-acquisitions-confident-new-york-wheel-will-be-finished-despite-dispute-181396.html
<![CDATA[RNS press release - New York Wheel Construction Update ]]> http://www.proactiveinvestors.co.uk/companies/rns/10692/LSE20170725070006_13305840/ Tue, 25 Jul 2017 07:00:06 +0100 http://www.proactiveinvestors.co.uk/companies/rns/10692/LSE20170725070006_13305840/ <![CDATA[RNS press release - Director Dealings ]]> http://www.proactiveinvestors.co.uk/companies/rns/10692/LSE20170707070102_13287192/ Fri, 07 Jul 2017 07:01:02 +0100 http://www.proactiveinvestors.co.uk/companies/rns/10692/LSE20170707070102_13287192/ <![CDATA[RNS press release - Allotment of Shares re Convertible Notes ]]> http://www.proactiveinvestors.co.uk/companies/rns/10692/LSE20170707070002_13287091/ Fri, 07 Jul 2017 07:00:02 +0100 http://www.proactiveinvestors.co.uk/companies/rns/10692/LSE20170707070002_13287091/ <![CDATA[RNS press release - Result of AGM ]]> http://www.proactiveinvestors.co.uk/companies/rns/10692/LSE20170705113000_13284841/ Wed, 05 Jul 2017 11:30:00 +0100 http://www.proactiveinvestors.co.uk/companies/rns/10692/LSE20170705113000_13284841/ <![CDATA[RNS press release - Director Dealings ]]> http://www.proactiveinvestors.co.uk/companies/rns/10692/LSE20170629101502_13277640/ Thu, 29 Jun 2017 10:15:02 +0100 http://www.proactiveinvestors.co.uk/companies/rns/10692/LSE20170629101502_13277640/ <![CDATA[RNS press release - Notice of AGM ]]> http://www.proactiveinvestors.co.uk/companies/rns/10692/LSE20170614100001_13260106/ Wed, 14 Jun 2017 10:00:01 +0100 http://www.proactiveinvestors.co.uk/companies/rns/10692/LSE20170614100001_13260106/ <![CDATA[RNS press release - Additional Resources ]]> http://www.proactiveinvestors.co.uk/companies/rns/10692/LSE20170613070002_13257849/ Tue, 13 Jun 2017 07:00:02 +0100 http://www.proactiveinvestors.co.uk/companies/rns/10692/LSE20170613070002_13257849/ <![CDATA[RNS press release - Total Voting Rights ]]> http://www.proactiveinvestors.co.uk/companies/rns/10692/LSE20170531070002_13243078/ Wed, 31 May 2017 07:00:02 +0100 http://www.proactiveinvestors.co.uk/companies/rns/10692/LSE20170531070002_13243078/ <![CDATA[RNS press release - Allotment of Shares re Convertible Notes ]]> http://www.proactiveinvestors.co.uk/companies/rns/10692/LSE20170525133219_13238764/ Thu, 25 May 2017 13:32:19 +0100 http://www.proactiveinvestors.co.uk/companies/rns/10692/LSE20170525133219_13238764/ <![CDATA[RNS press release - Convertible Note ]]> http://www.proactiveinvestors.co.uk/companies/rns/10692/LSE20170518101502_13230298/ Thu, 18 May 2017 10:15:02 +0100 http://www.proactiveinvestors.co.uk/companies/rns/10692/LSE20170518101502_13230298/ <![CDATA[News - Challenger Acquisitions given some slack by convertible holders ]]> http://www.proactiveinvestors.co.uk/companies/news/177434/challenger-acquisitions-given-some-slack-by-convertible-holders-177434.html Challenger Acquisitions Limited (LON:CHAL) shares climbed 16% as its convertible debt holders gave it some breathing space to restructure itself.

The observation wheel investor said holders of £1.16mln worth of convertible notes had agreed to the maturity date being pushed out until May next year and to interest being paid at maturity/conversion rather than quarterly.

Holders of another £1mln worth of convertible debt have also agreed to interest being paid on maturity /conversion.

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Last week, Challenger negotiated an extended maturity date of 2 March 2018, a fixed conversion price of 12p and interest to be paid on conversion/ maturity of £500,000 of convertible debt.

Mark Gustafson, chief executive said: "We are absolutely delighted that our note holders are supportive of our restructuring efforts and the changes to these convertible notes.

"These amendments will allow us the flexibility and time to pursue additional projects over the course of 2017.

“Alongside this, we are pleased that positive progress continues to be made at the US$590mln New York Wheel Project, in which we have a US$3mln equity interest."

 

 

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Mon, 08 May 2017 09:19:00 +0100 http://www.proactiveinvestors.co.uk/companies/news/177434/challenger-acquisitions-given-some-slack-by-convertible-holders-177434.html