3rd Mar 2016 09:09
LONDON (Alliance News) - Challenger Acquisitions Ltd on Thursday said it has raised GBP0.5 million through the issue of secured convertible loan notes.
The funds will be used to support the company's growth strategy as well as for general working capital purposes.
Challenger designs and builds giant observation wheels, for which it has a pipeline of 25 worldwide, planning to add one new major project per year. It recently secured land for a 125 metre wheel in Jakarta, Indonesia.
"We are constantly evaluating expansion opportunities and continue to make progress in building our portfolio of Giant Observation Wheels," Chief Executive Mark Gustafson said in a statement.
"The raising of GBP0.5 million will help ensure that we maintain our fast-paced development approach, as we remain focused on adding at least one new major project to our portfolio per year from our pipeline of 25 potential new wheels identified," he added.
Shares in Challenger were trading down 0.4% at 22.65 pence on Thursday morning.
By Karolina Kaminska; [email protected] @KarolinaAllNews
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