30th Aug 2018 11:49
LONDON (Alliance News) - Shares in Challenger Acquisitions rose as it executed a convertible note purchase agreement with two of its convertible note holders.
Share in the leisure and entertainment-focused company rose 29% at 0.31 pence on Thursday.
The last remaining holder of the May 6, 2015 notes held GBP639,556 of the notes and received 12% interest up to the end of December 2016.
Following the agreement, the holder will transfer GBP95,000 of the 2015 notes to another existing note holder and transfer their remaining GBP544,556 back to the company.
The noteholder has also agreed to forgive all interest owing from January 1,2017 to closing of this transfer, which comes up to GBP115,000.
"This reduction in the overall debt level and the related interest savings has been a very important development for Challenger in order to move the company forward. We wish to thank the original note holder for their support," said Chief Executive Officer Mark Gustafson.
Related Shares:
CHAL.L