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Challenger Acquisitions wins Madison Capital court case

Challenger Acquisitions 1 Madison Capital Markets 0

Giant observation wheel
Madison has been denied motion for leave to amend the complaint.

It has been a good week for Challenger Acquisitions Limited (LON:CHAL), which announced on Thursday a court case against it has been dismissed.

The giant observation wheel specialist said the complaint brought by Madison Capital Markets, which was demanding compensation for alleged services for advising and facilitating the company's acquisition of Starneth Group and investment in the New York wheel project, had been turfed out by the United States District Court for the Southern District of New York.

Madison has been denied motion for leave to amend the complaint.

"This is the outcome we were expecting and we are delighted that we can now put this court case behind us and are very grateful to our shareholders for their patience during this time,” said Mark Gustafson, chief executive officer of Challenger.

On Tuesday of this week Challenger was given more time by the sellers of big wheel designer Starneth to pay the second instalment of the purchase consideration.

The payment had been due last month but has been deferred, although Challenger will pay 5% interest on the €1.25mln owed.

Quick facts: Challenger Acquisitions Limited

Price: 0.13 GBX

LSE:CHAL
Market: LSE
Market Cap: £410.2 k
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