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Challenger Acquisitions expects to see progress with New York Wheel

“We are continuing to seek out, evaluate and review a number of potential projects and developments."
New York timeline
Challenger released interim results

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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picture of observation wheel
July 25 2017
Reports from New York said the project is set for major delays after Mammoet-Starneth, the design/build contractor, downed tools in May

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