Board Changes and Extension of Convertible Note

RNS Number : 7591A

Challenger Acquisitions Limited

28 March 2017

 

NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, DIRECTLY OR INDIRECTLY, WITHIN, INTO OR IN THE UNITED STATES, AUSTRALIA, CANADA OR JAPAN.

For immediate release                                                                                 28 March 2017

Challenger Acquisitions Limited

("Challenger" or the "Company")

Board Changes and Extension of Convertible Note

Challenger Acquisitions Limited (LSE: CHAL), is pleased to announce that Mr. Harold Eugene Stice ("Gene"), a successful senior manager with over 30 years of progressive experience in finance, compliance and administration within the financial services industry, has been appointed as Non-Executive Director to its Board of Directors effective immediately.  Concurrent with this appointment, Mr. Gert Rieder has retired from the Board in order to focus on his other business interests.   Mr Stice's significant transactional experience will be valuable in supporting the Company's strategy to explore a number of potential acquisition opportunities in the leisure and entertainment sectors.

Mr. Stice is based in New York and received a Masters of Business Administration in Finance from New York University.  He is currently President and CEO of Nuovo Corporate Services, Inc. which provides strategic accounting, compliance and administrative support to international companies with a U.S. focus. Previously he was the Chief Financial Officer and Chief Compliance Officer for the Jeffrey Matthews Financial Group (10 years), a fully regulated broker-dealer. Mr. Stice also held senior positions with a number of other companies including Group Health Solutions, LLC (Chief Financial Officer), Joseph Gunnar & Co., LLC (Chief Financial Officer), USA Capital, Inc. (Chief Financial Officer & Chief Operating Officer), First Liberty Investment Group (Chief Financial Officer & Chief Operating Officer), and Donald & Co. Securities, Inc. (Chief Financial Officer & Director of Compliance).

The Company also announces that it has amended and restated the £500,000 secured convertible note issued by the Company (see RNS dated 3 March 2016) on the same terms except for the following:

·    the date of maturity will now be 2 March 2018

·    the fixed conversion price will now be 12p

·    accrued interest will be paid upon any conversion of the note or on the maturity date, instead of on a quarterly basis

·    at any time the Company can redeem in cash all or any part of the outstanding  note at a 30% premium to the principal amount

Mark Gustafson, Challenger's Chief Executive Officer said: "We are delighted to welcome Gene to the Board and believe his financial background will be extremely helpful this year as we move forward with Challenger.  Whilst we look to the future, we would also like to take this opportunity to thank Gert for all his contributions since the Company was established and wish him all the best in his future endeavours. We also wish to thank our noteholder for cooperating with us in a positive manner. Additional announcements shall be forthcoming on the remaining notes and other corporate developments."

This announcement contains inside information.

**ENDS**

For more information visit www.challengeracquisitions.com or enquire to:

Challenger Acquisitions Limited
Mark Gustafson	[phone]
St Brides Partners Ltd (PR)
Lottie Brocklehurst, Charlotte Page	[phone]

Notes to Editors:

Challenger (LSE: CHAL) has a US$3 million equity interest in the US$590 million New York Wheel Project and is currently focusing on appraising additional opportunities in the attractions sector. 

 

END

 

 

MSCBVLFLDXFZBBX