6th Sep 2018 13:16
LONDON (Alliance News) - Challenger Acquisitions Ltd said Thursday that the developers of the New York Wheel have applied for an extension as negotiations for an amendment to the settlement agreement are ongoing.
The company - which invests in observation wheels around the world - explained: "The New York Wheel is in the process of negotiating an amendment to the settlement agreement, including extending the standstill period."
"In connection with the amendment negotiations, all parties have agreed to extend the September 5 deadline in the settlement agreement until, at least September 11 so that the amendment can be negotiated."
Last December, the company said it was confident that full construction of its New York Wheel project will recommence in the "short-term" despite a contractual dispute leading to the wheel erectors terminating their agreement.
Challenger was negotiating with construction firm American Bridge Co to take over the project and despite the ongoing legal process with the former wheel erector, it said that the transfer of information and documents should have resulted in the appointment of a new contract in the short term.
The company also added on Thursday that it converted 47.6 million shares realising GBP95,000 from its convertible notes.
Admission to trading of the new shares is expected on September 12, after which the company will have 269.0 million shares in issue.
Challenger shares were trading up 5.7% at 0.32 pence each.
Related Shares:
CHAL.L