Proposed funding: up to £3m via convertible notes
NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, DIRECTLY OR INDIRECTLY, WITHIN, INTO OR IN THE UNITED STATES, AUSTRALIA, CANADA OR JAPAN.
For Immediate Release
28 April 2015
Challenger Acquisitions Limited
("Challenger" or the "Company")
Proposed funding: up to £3m via convertible notes
Challenger Acquisitions Limited (LSE: CHAL), a company that commenced trading on the London Stock Exchange on February 19, 2015, is pleased to announce its intention to raise up to 3 million GBP by means of the issue of convertible notes.
These funds will be used for the purposes of the Company's acquisition strategy as described below (as extracted from its prospectus):
"The Company has been formed to undertake one or more Acquisitions of target companies or businesses in the entertainment and leisure sectors. The particular focus will be on the "attractions" sector. There is no specific expected target value for Acquisitions, although it is likely that the Company will be targeting Acquisitions in the range of £2,000,000 to £20,000,000 within a 6 to 12 month timescale from Admission. The Company's intention is clearly to acquire controlling stakes in targeted companies or businesses. The acquisition of a potential minority stake will be limited to a single acquisition rather than multiple acquisitions in distinct businesses. Any funds not used for costs associated with the assessment or making of Acquisitions will be used for internal or external growth and expansion, and working capital in relation to the acquired company or business. The Company will not be pursuing a policy of diversification and spreading of risk in its acquisition policy."
Mark Gustafson, the Company's Executive Chairman, said:
"Based on our successful Initial Public Offering and the Cooperation Agreement recently signed with Starneth, certain shareholders and new investors have expressed interest in providing additional capital to Challenger. We are raising the capital to position Challenger with a stronger balance sheet in order to fund an acquisition or investment at the lower end of the value range as stated in our strategy."
The proposed funding will involve the issue of convertible notes to existing and new investors and a further announcement will be made in due course.
For more information:
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Challenger Acquisitions Limited |
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Mark Gustafson, Executive Chairman |
+1 604 454 8677 |
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Beaumont Cornish Limited (Financial Adviser) |
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Roland Cornish |
+44 (0) 20 7628 3396 |
This information is provided by RNS
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