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Challenger Acquisitions updates on AGM location and projects ahead of investor conference call

The leisure and entertainment investment company said the decision to hold the annual general meeting in Zurich had been taken for purely cost-saving reasons
Wheel
The group's Dallas Wheel project was awaiting the outcome of a land re-zoning process

Challenger Acquisitions Limited (LON:CHAL) has provided an update on the reasoning for its AGM location and several projects ahead of an investor conference call.

The leisure and entertainment investment company said the decision to hold the annual general meeting in Zurich, Switzerland, which sent its stock soaring last Wednesday, had been taken for purely cost-saving reasons as both the chief financial officer and company secretary had office locations there.

READ: Challenger Acquisitions spins higher as it announces surprise shareholder conference call

Regarding its New York Wheel (NYW) project, the company said the settlement of the legal matters between the NYW and its former contractor should allow the NYW to finalise its funding arrangements and to hire a new contractor.

Elsewhere, the firm’s Dallas Wheel Project, branded “The Odyssey” was awaiting the outcome of planning and city commission votes scheduled for the summer regarding the re-zoning of the seven acres of land secured for its construction for entertainment purposes.

Challenger added that it expected to make an announcement shortly regarding the outcome of its actions to recover a £100,000 loan from the owner of the Star Sanctum event, which was cancelled in April.

Financially, the firm said it was actively working to reduce the burden of past convertible note financing which would allow it to move forward with securing new projects, with an initial step to address to be announced in the short term.

Mark Gustafson, Challenger's chief executive, said "The first half of 2018 was very challenging and now we do expect positive developments with the NYW, Dallas and Star Sanctum projects over the balance of this year. Our cost structure is very tight, and we will continue to improve the quality of our public company platform."

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