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

Challenger has a stake in the NY Wheel project which has been hit by delays because of contractual disputes
Giant observation wheel
New York wants its own version of the London Eye

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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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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