24th Oct 2018 09:05
LONDON (Alliance News) - Shares in Challenger Acquisitions Ltd dropped on Wednesday as it said that the New York Wheel Project might not proceed due to lack of funding.
Shares in the company, which invests in observation wheels, were trading down 40% at 0.078 pence after the news.
Challenger Acquisitions said that the developers of the New York Wheel Project informed it that "there appear to be no viable options for financing the balance of the work required to complete the project", which has incurred USD453 million in construction expenses.
Challenger's Chief Executive Officer Mark Gustafson said: "For all the stakeholders in the NYW Project, this is definitely not a good development assuming the project does in fact not proceed."
Related Shares:
CHAL.L