24th Sep 2019 14:15
(Alliance News) - Challenger Acquisitions Ltd said Tuesday it has appointed Rupert Baring as non-executive director with immediate effect.
At the same time, Non-Executive Directors Richard Marin and Gene Stice have voluntarily resigned from the observation wheels-focused investor.
Baring's most recent role was as non-executive director for Australian explorer Kimberley Diamonds Ltd for a year from 2014 to 2015, when the company was placed into voluntary administration.
His most recent executive role was as co-founder and executive director at Mantle Diamonds Ltd for nine years from 2005 to 2014, when it was acquired by Kimberley.
"We welcome Rupert to our board and look forward to his contributions to the next steps in our development. On behalf of the board, I would like to thank Richard and Gene for their instrumental support in the difficult restructuring phase and wish them the best of luck for the future," said Chief Executive Officer Mark Gustafson.
In addition, Challenger said it has received GBP40,500 following a subscription agreement for 27.0 million shares at 0.15 pence each, that will go towards working purposes.
Finally, Challenger has received a further GBP7,000 from Star Sanctum, the final repayment by Star Sanctum of the GBP100,000 loan owed to Challenger.
The loan repayment was agreed in April 2018 after Star Sanctum said the launch of its first film convention in London scheduled for May was cancelled due to inadequate ticket sales and a resulting cash deficit to fund appearances by actors.
Challenger Acquisitions now has 296.0 million shares issued overall.
Shares in Challenger were down 5.4% at 0.13 pence on Tuesday in London.
By Dayo Laniyan; [email protected]
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